Banks drag China stocks down 2.4 percent
(For Hong Kong stock market reports, click [.HK]) (adds analysis, background, individual stocks)
* Hopes that Central Huijin will buy top banks' A shares
* Telecoms continue pulling back after 3G licences awarded
* Disneyland report boosts some Shanghai property shares
By Claire Zhang
SHANGHAI, Jan 8 (Reuters) - Chinese stocks fell on Thursday, led by banks after two high-profile sales of Chinese bank shares in Hong Kong sparked fears of more such selling.
The Shanghai Composite Index .SSEC ended down 2.38 percent at 1,878.181 points, off a low of 1,862.263. Falling Shanghai A shares outnumbered gainers by 756 to 170.
Turnover in Shanghai A shares shrank to a moderate 54.9 billion yuan ($8.0 billion) from Wednesday's 63.7 billion yuan.
Bank of America (BAC.N: Quote, Profile, Research) raised $2.83 billion on Wednesday by selling some of its H shares in China Construction Bank (0939.HK: Quote, Profile, Research), while Hong Kong tycoon Li Ka-shing sold $511 million of shares in Bank of China (3988.HK: Quote, Profile, Research). [ID:nHKG8957] Continued...
Dubai Debt Fears
Banks outside the Gulf played down their exposure to Dubai debt, after fears the emirate could default and even derail world economic recovery prompted a sell-off in global markets. Full Article | Slideshow
One Year Later
Mumbai held tearful memorials and police staged a show of strength as it marked the first anniversary of militant raids that killed 166 people and pushed up tensions with Pakistan. Slideshow | Full Coverage
