Shares fell after merger news denied
Print Edition
SHANGHAI stocks fell more than 1 percent yesterday as investors took profit after authorities said the news about mergers and acquisitions among state-owned enterprises was unverified.
The Shanghai Composite Index lost 1.13 percent to 4,476.22 points.
China Petroleum and Chemical Corp and PetroChina Co, whose shares surged by the daily 10 percent limit on Monday, also denied a reported merger.
PetroChina shed 2.18 percent to 14.33 yuan (US$2.31) after the company said late on Monday that its first-quarter net profit plummeted 82 percent to 6.15 billion yuan.
Shanghai Lonyer Fuels Co plunged 9.32 percent to 34.52 yuan while Offshore Oil Engineering Co dropped 8.73 percent to 14.33 yuan.
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