Chinese stocks decline on profit taking

China's stocks continued to close lower on profit taking on Thursday with the benchmark stock index slid 3.5%.

The key Shanghai Composite Index went down 3.5% or 211 points to close at 5,825.28 with turnover down from RMB 136 billion (US$18.11 billion) to RMB 133.64 billion(US$17.79 billion).

The smaller Shenzhen Component Index dropped 3.15% or 643.19 points to close at 18,681.35.

The sharply decline led by large caps such as big banks and steel makers.

Bank of Communications<601328><3328> fell 3.64% to close at RMB 14.82, while Industrial and Commercial Bank of China<601398><1398> slumped 4.02% to RMB 7.54, and Shanghai Pudong Development Bank<600000> tumbled 5.63% to RMB 51.65.

Baoshan Iron & Steel Co<600019> dropped 5.81% to close at RMB 19.29, while Wuhan Steel<600005> slid 7.14% to RMB 17.81.

Aluminum Corp. of China<601600><2600> lost 6.23% to close at RMB 50.72, while Baotou Aluminum Co<600472> dropped 6.71% to RMB 67.16.

Air China<601111><753> slumped 9.84% to close at RMB 22.82, while China Southern Airline<600029><1055> tumbled 9.94% to RMB 22.39, China Eastern Airlines<600115><670> declined 8.4% to RMB 16.35, and Shanghai Airlines<600591> went down 6.88% to RMB 20.02.