BEIJING, Nov. 8 (Xinhua) -- Chinese share prices nosedived Thursday after a timid rebound on the previous trading day, as market sentiment was further dampened on predictions of accelerated appreciation of Renminbi and fears of tighter monetary policy.

    The benchmark Shanghai Composite Index concluded the daily trading at 5,330.02 points, down 271.76 points, or 4.85 percent.

    The indicator moved between 5,328.2 and 5,559.15.

    The Shenzhen Component Index on the smaller bourse in Shenzhen closed at 17,465.46 points, down 767.5 points, or 4.21 percent.

    Losses outnumbered gains by 773 to 73 in Shanghai, and by 636 to 45 in Shenzhen.

    The combined transaction volume on the two exchanges stood at 128.2 billion yuan (17.2 billion U.S. dollars), up from Wednesday's 112.58 billion yuan (15.1 billion U.S. dollars).

    The still low level of turnover indicated investors were reluctant to trade, according to observers.

    Bluechips across sectors led the drastic downward adjustment.

    The Industrial and Commercial Bank of China dropped 3.39 percent to 8.26 yuan, Bank of China, down 3.8 percent to 7.09 yuan, and China Construction Bank, down 1.64 percent to 10.77 yuan.

    China Life, the country's largest life insurer, fell 6.5 percent to 61.23 yuan.

    PetroChina, the nation's largest oil producer, went down 5.54 percent to 38.19 yuan, a record low since its high-profile trading debut Monday, and Sinopec, the nation's biggest oil refiner, down 7.1 percent to 22.49 yuan.

    Hushen 300 Index, which tracks one fifth of the stocks on both Shanghai and Shenzhen bourses, ended at 5,093.67 points Thursday, down 256.96 points, or 4.80 percent, from the previous trading day.