Sinopec, the biggest oil refiner, lost 8.89 percent to 11.69 yuan, erasing Friday's rise after the government announced it would raise the price of gasoline and diesel by at least 17 percent.

PetroChina, the largest oil producer and biggest market heavyweight, was down 3.15 percent to 15.36 yuan.

On the positive side, Shenzhen Development Bank Co added 2.14 percent to 21.45 yuan. The bank, controlled by buyout firm TPG Inc, said today that first-half profit may rise 85 to 95 percent because of improved margins and higher fee income. Net income may reach 2.079 billion yuan to 2.192 billion yuan, compared with 1.124 billion yuan a year ago.

Gezhouba Co, a civil engineering company, climbed 1.44 percent to 7.75 yuan. It plans to raise 1.39 billion yuan of six-year bonds with warrants to replenish working capital and repay debt, it said in a statement today.

Gold producers surged today. Zhongjin Gold hiked the daily cap of 10 percent to 46.76 yuan while Shandong Gold also enjoyed a 10 percent rise to close at 47.56 yuan.

Baoshan Iron & Steel Co, China's biggest steel maker, said it will suspend trading of its shares in Shanghai today pending an announcement.

Parent Baosteel Group Corp may "reorganize steel makers in Guangdong,'' Baoshan Steel said in a statement today, without elaborating. The stock slumped 1.09 yuan, or the 10 percent daily cap, to 9.83 on June 19 before trading was suspended.

(Shanghai Daily June 23, 2008)