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Stocks end down led by commodities

(China Daily/Agencies)
Updated: 2009-08-18 08:04

China's benchmark stock index fell the most in nine months as foreign direct investment plunged.

The Shanghai Composite Index, tracking the bigger of China's exchanges, fell 176.34, or 5.8 percent, to 2870.63 at close, the worst day since Nov 18 and the lowest since June 18. The gauge has declined 17 percent from this year's high on Aug 4 on concern a slump in exports and new loans will damp economic growth. It remains 58 percent higher this year.

"These disappointing earnings from big companies have reaffirmed concerns that share prices have moved ahead of fundamentals," said Zhang Ling, who helps oversee about $7.21 billion at ICBC Credit Suisse Asset Management Co in Beijing. "The correction will continue."

The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, declined 6.1 percent to 3140.27.

About 160 stocks slumped by the 10-percent daily cap yesterday. It slid 6.6 percent last week, the most since the five days ended Feb 27, entering a so-called correction after its retreat from this year's high on Aug 4 surpassed 10 percent.

"Valuations are at such a stretched level that a correction is overdue," said Yan Ji, who helps oversee about $850 million at HSBC Jintrust Fund Management Co in Shanghai. "There may be another 20 percent or 30 percent downside for the index."

Billionaire Li Ka-shing, who predicted China's stock-market bubble would burst in 2007, last week said the global economy won't recover this year and told investors to be "cautious" about buying shares, especially with borrowed money.

Zhuzhou Smelter Group Co, the biggest producer of refined zinc, slid the maximum 10 percent to 11.46 yuan as the metal tumbled by its daily cap in Shanghai.

Aluminum Corp of China Ltd, the nation's biggest maker of the lightweight metal and also called Chalco, plunged 10 percent to 15.03 yuan. Baoshan Iron & Steel Co, China's biggest steelmaker, dropped 7.6 percent to 7.44 yuan, the most since November.

China Coal Energy Co, the nation's second-largest coal producer, slumped the 10-percent daily cap to 12.19 yuan even after saying first-half profit rose 3.1 percent. Yanzhou Coal Mining Co, the listed unit of China's fourth-biggest coal miner, tumbled 10 percent to 18.65 yuan.

PetroChina Co, the nation's biggest oil company, slid 6.1 percent to 13.09 yuan, the lowest in almost three months. China Petroleum & Chemical Corp, Asia's biggest oil refiner, also known as Sinopec, lost 5.8 percent to 12.18 yuan.

Crude oil traded near a two-week low in after-hours trading yesterday in New York after sliding 4.3 percent on Aug 14.

SAIC Motor Co, China's largest carmaker, retreated 8.4 percent to 16 yuan, paring its annual gain to 199 percent.

(For more biz stories, please visit Industries)

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