InfoAnda - China stocks tumble on profit-taking

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China stocks tumble on profit-taking AP - 2 hours 53 minutes ago SHANGHAI, China - Chinese shares fell sharply Tuesday on profit-taking and worries about a slowing economy after advancing for four trading days. The benchmark Shanghai Composite Index sank 6.31 percent, or 128.5 points, to close at 1902.43. The Shenzhen Composite Index for China's smaller second market dropped 6.85 percent to 524.98. China's central bank said in a report Tuesday the risks of an economic downturn in China are growing. Stocks rallied last week after Beijing announced a $586 billion stimulus package to spur the economy. But analysts said the boost is unlikely to last at a strategic level because investors are pessimistic. "Investment funds didn't participate too much in the recent strong run," said Tang Xiaosheng, an analyst for Guosen Securities. "Long-term investors didn't see the government actions having substantial effects on the capital market." Resource stocks plunged with major producers Jiangxi Copper Ltd., Baoshan Iron & Steel Ltd. and Aluminum Corp of China, all fell by the daily limit of 10 percent. Jiangxi Copper ended at 10.72 yuan, Baosteel at 5.01 yuan and Aluminum Corp. at 7.26 yuan. China Shenhua Energy Ltd., the country's biggest coal producer, lost 9.16 percent to 18.35 yuan. Blue chip PetroChina Ltd., the country's biggest oil producer, fell 4.57 percent to 11.08 yuan and China Petroleum & Chemical Corp., or Sinopec, Asia's biggest oil refiner by volume, shrank 7.53 percent to 7.61 yuan. China's fuel demands saw sharp slides since September, the president of PetroChina's corporate parent, China National Petroleum Corp., said in a speech released by the company. Midsize lender Pudong Development Bank Ltd. fell by the daily maximum of 10 percent to 10.72 yuan. Industrial & Commercial Bank of China Ltd., China's biggest commercial lender, lost 3.38 percent to 4 yuan. Bank of China Ltd. retreated 2.88 percent to 3.37 yuan, while China Construction Bank Ltd. shed 5.71 percent to 4.29 yuan. Insurers saw a big slide despite the regulators lifted restrictions of investment on capital markets. Ping An Insurance Ltd. gave up 10 percent to 24.47 yuan, and China Life Ltd. fell 8.01 percent to 19.86 yuan. Real estate giant China Vanke Ltd. fell by the full 10 percent daily limit to 6.15 yuan, while rival Poly Real Estate Group declined 6.8 percent to 14.81 yuan. China Eastern Airlines Corp. and China Southern Airlines Ltd. were among the very few bucking the downwards after reports on government would inject multi-billion capital to help the airlines. China Eastern advanced the daily growth limit of 10 percent to 4.24 yuan, while China Southern jumped 5.72 percent to 3.88 yuan. On currency markets, the yuan was trading at 6.8286 to the U.S. dollar at 0800 GMT, down from Monday's close of 6.8264. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Russia, China to resume $25 billion loan talksAP - 54 minutes ago Banks lead European markets downAP - 56 minutes ago Japan faces year of recession, US automakers plead for bailoutAFP - 2 hours 20 minutes ago China oil demand weakens due to global crisisAP - 2 hours 34 minutes ago Related Articles: Business Congress set to question Paulson, BernankeAP - 21 minutes ago Wood Group unit wins Abu Dhabi clean energy dealReuters - 24 minutes ago Bank woes knock European stocks to 3-week lowReuters - 24 minutes ago easyJet board row escalates as earnings fallAP - 25 minutes ago Banking turmoil, commods drag FTSE 1.6 pct lowerReuters - 29 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Citigroup to slash 50,000 jobs, expenses worldwide Exercise, sleep cuts cancer risk: study Obama and McCain pledge 'new era of reform' Earth would be heading to a freeze without CO2 emissions Prince Charles wants to speak out as king: biographer View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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