China's shares fell Friday as high oil prices prompted investors to take profit. Real estate developers led the declines, AP reported. The benchmark Shanghai Composite Index fell 0.65 percent to close at 2856.63. The Shenzhen Composite Index for China's smaller second market fell 1.13 percent to 860.218. Gainers included telephone companies, while real estate developers fell. Large-cap stocks including oil and airlines were mixed. China Mobile Ltd., the world's biggest phone company by subscribers, rose 1.56 percent, while the country's main fixed-line carrier, China Telecom Ltd., was up 2.1 percent. The country's biggest developer, China Vanke Ltd., fell 3.85 percent, while Poly Real Estate Group dropped 4.68 percent. China's share prices have been battered by concerns about record-high oil prices and a possible government interest rate hike to cool inflation. Trade figures released Thursday showed Chinese export growth slowed sharply in June amid weaker global demand. The main Shanghai index is up 7.7 percent since the start of the month, but is off 50 percent from its peak in October. On currency markets, China's yuan rose to 6.8257 to the U.S. dollar.
