Chinese shares continue slipping on growth concerns

Chinese shares dropped for the seventh straight day on Friday as growth concerns continued to weaken the market.

The benchmark Shanghai Composite Index fell 0.97 percent, or 26.58 points, to 2,709.95 points, its lowest level since Jan. 26. The key Shanghai index has declined 5.7 percent over the last seven trading days.

The Shenzhen Component Index dropped by 0.33 percent, or 37.99 points, to close at 11,492.71 points.

Combined turnover on the two markets reached 152.2 billion yuan (23.42 billion U.S. dollars), slightly down from 152.32 billion yuan on the previous trading day.

Losers outnumbered gainers by 753 to 122 in Shanghai and by 1,069 to 162 in Shenzhen.

Banking and coal producer shares outperformed the broad market, with sector indices up 0.19 percent and 0.4 percent, respectively.

PetroChina, the nation's largest oil producer, climbed 0.83 percent to 10.97 yuan per share. The gain was boosted by the news that PetroChina's parent company, the China National Petroleum Corp., has bought 31.08 million yuan-denominated A-shares in the company.

Water conservancy project-related stocks plunged, with the Chongqing Three Gorges Water Conservancy and Electric Power Co. dropping by 4.22 percent to 18.84 yuan. Shares of the Qianjiang Water Resources Development Co. plummeted 9.12 percent to 13.75 yuan. The Anhui Water Resources Development Co. dived 9.61 percent to 16.17 yuan.

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