Chinese shares fell nearly 3 percent in the Wednesday morning session as investors took profits and reacted to steep losses elsewhere, including Wall Street.

The benchmark Shanghai Composite Index fell 2.73 percent, or 63.23 points, to 2,256.21, while the Shenzhen index slid 2.37 percent, or 200.53 points, to 8,260.63.

Losers outnumbered gains by 687 to 183 in Shanghai and 593 to 149 in Shenzhen.

Stocks opened 2.08 percent lower Wednesday following a heavy sell-off overnight on Wall Street. The Chinese market fell 2.93 percent Tuesday, the largest daily loss so far this year.

Zhang Yong, a senior analyst with Shenzhen-based Great Wall Securities, attributed the past two days' declines to a "normal correction" following gains in recent weeks. As of Monday, the Shanghai index had climbed 31.2 percent since Jan. 1.

Zhang Zhimin, an analyst with Beijing-based Minsheng Securities, said losses by large-cap stocks showed that it would take time for the overall economy to recover.

(Xinhua News Agency February 18, 2009)