InfoAnda - Chinese stocks fall to seven-week low

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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: Chinese stocks fall to seven-week low AP - 1 hour 18 minutes ago BEIJING - China's stocks fell to a seven-week low Thursday amid gloom about weakening corporate profits and a worsening economic decline. The benchmark Shanghai Composite Index shed 0.61 percent, or 11.38 points, to close at 1,852.42, its lowest closing since Nov. 11. The Shenzhen Composite Index for China's smaller second market lost 0.36 percent, or 2.07 points, to close at 572.99. Investors are pessimistic about Chinese corporate profits as economic growth slows amid a global downturn. The official Xinhua News Agency on Thursday quoted the chairman of the body that controls China's major state-owned companies, as saying their profits fell 12.3 percent in the past 11 months. He said the situation next year would be "grim." China's economy is expected to grow by about 9 percent this year, but manufacturing, investment, auto sales and other areas are all weakening rapidly. Airline stocks fell amid concern about weakening travel demand. The country's biggest carrier, China Southern Airlines Ltd., fell 3.69 percent to 3.39 yuan, while Air China Ltd. shed 2.59 percent to 4.13 yuan. China Southern and another carrier, China Eastern Airlines, have received government aid to get them through the economic slump. Aluminum Corp. of China lost 3.27 percent to close at 6.51 yuan amid mounting concern about China's manufacturers, its key customers. Dairy stocks were battered after the bankruptcy this week of Sanlu Group Co., the dairy at the heart of China's tainted milk scandal. Inner Mongolia Yili Industrial Group, a major milk supplier, plunged 6.11 percent to 8.14 yuan. Banks were mixed. China Construction Bank Ltd., the country's second-largest commercial lender, was up 0.25 percent at 3.96 yuan, while No. 3 Bank of China Ltd. lost 0.33 percent to close at 3.04 yuan. On currency markets, China's yuan rose to 6.8385 to the U.S. dollar at about 0900 GMT, up from 6.8485 on Wednesday. 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 CNOOC may slow or delay projects on oil slump-sourceReuters - 1 hour 1 minute ago Chinese stocks fall to seven-week lowAP - 1 hour 18 minutes ago Chinese dairy in milk scandal faces $160M debtAP - 1 hour 31 minutes ago China's Baosteel to raise prices for first time since August: reportAFP - Friday, December 26 Related Articles: Business China buys aluminium to support producers-sourcesReuters - 22 minutes ago JFE steps up output cuts as demand dropsReuters - 34 minutes ago CNOOC may slow or delay projects on oil slump-sourceReuters - 1 hour 1 minute ago Indonesia Bakrie says settles debt in Bumi dealReuters - 1 hour 4 minutes ago Chinese stocks fall to seven-week lowAP - 1 hour 18 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US sees no holiday cheer; Russia, China warn of grim 2009 French investor takes life after massive losses in Madoff scandal Housing market feels more pain, bottom not yet in sight Quake zone hero pig named China's animal of the year Actress Jennifer Aniston appears naked in GQ magazine View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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