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Shares shed the most in 3 weeks
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SHANGHAI stocks yesterday fell the most in three weeks after industrial firms posted lower profit, signaling a deepening economic slowdown.
The Shanghai Composite Index shed 2.59 percent to 3,533.78 points.
Net profits of China’s industrial companies fell 1.4 percent year on year in November, the National Bureau of Statistics said in a statement over the weekend.
In the January-November period, profits of industrial firms totaled 5.54 trillion yuan (US$854 billion), down 1.9 percent from a year earlier.
China Life Insurance Co, the nation’s largest insurer, fell 3.69 percent, the most in three weeks, to 28.94 yuan. China Citic Bank shed 4.97 percent to 7.26 yuan, and the Bank of Communications lost 2.71 percent to 6.47 yuan.
China Shipping Development Co and China Cosco Holdings Co sank by the daily 10 percent limit as investors were skeptical of their merger plan on weak freight demand.
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