BEIJING, April 28 China shares closed down for
their fourth straight day on Monday, losing more than one
percent after comments from President Xi Jinping cast doubt on
hopes for further stimulus.
The Shanghai Composite Index ended down 1.6 percent
at 2,003.5 points. The CSI300 of the leading Shanghai
and Shenzhen A-share listings dropped 1.5 percent.
Investor sentiment took a hit when state media reported that
President Xi said current fiscal and monetary policies would
basically remain unchanged at a politburo meeting on Friday.
The comments suggest no significant amount of government
money will be set aside to stimulate the economy in the current
China's blue chip state-owned banks managed a moderate
improvement on overall index performance, after another of the
country's top four institutions posted better-than-expected
first quarter results.
China Construction Bank Corp gained 0.3 after
the country's second-biggest listed lender posted a 10.4 percent
rise in first-quarter net profit on Sunday thanks to higher
interest and fee income.
Agricultural Bank of China was up 0.4 percent
and Industrial and Commercial Bank of China Ltd was
up 0.3 percent.
(Reporting By Natalie Thomas)