China’s Stocks Fall to Lowest Since March 2009 on Profit Concern |
| Bloomberg - Aug 24, 2012 |
China’s stocks fell, dragging down the benchmark index to the lowest level since March 2009, after companies from Maanshan Iron & Steel (323) Co. to Shanxi Coal International Energy Group Co. reported weaker earnings.
Maanshan Iron dropped to a 16-year low, while Shanxi Coal sank 6 percent as Shenyin & Wanguo Securities cut the company’s earnings estimates. Gemdale Corp. tumbled to a seven-month low after the official Xinhua News Agency reported the government is studying further measures to control the property market.
The Shanghai Composite declined 1 percent to 2,092.10 at the close, the lowest since March 3, 2009. The CSI 300 Index (SHSZ300) lost 1.2 percent to 2,275.68. The Hang Seng China Enterprises Index (HSCEI) of Chinese companies traded in Hong Kong fell 1.8 percent. The Bloomberg China-US 55 Index (CH55BN), the measure of the most-traded U.S.-listed Chinese companies, slid 0.2 percent in New York.
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- Posted: 2012-08-24 22:59:50
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