Chinese share prices on Monday closed 1.46 percent lower as heavyweight oil and banking stocks led the downward trend due to profit taking, blowing a moderate rise in the morning.

The key Shanghai Composite Index slipped 73.28 points to 4,958.85 points, even lower than the closing level last Thursday when the index plunged 4.41 percent to below 5,000 for the first time in three months.

The Shenzhen Component Index was down 160.32 points, or 0.99 percent to close at 16,057.19 points.

The tightening measures at home and fear of global risks will continue to affect the market, which will take time to recover, said analysts, warning that investors should remain cautious about entering the market.

At this time, the index will neither rise rapidly nor drop drastically, they said.

PetroChina, the country's largest oil producer, lost 2.4 percent to 33.76 yuan, while Sinopec dropped 2.06 percent to 21.86yuan.

Large banks also went down, with the Industrial and Commercial Bank of China down 1.39 percent, China Construction Bank down 1.37percent, and Bank of China down 1.04 percent.

Only 188 stocks gained on the two mainland bourses, while 458 declined.

Editor: Donald