SHANGHAI: China’s stocks fell, dragging down the benchmark index for the third time in four days, on concern the nation’s economic slowdown will curb demand for commodities.
Jiangxi Copper Co. and Aluminum Corp. of China Ltd. led losses for metal stocks after Vale SA, the world’s biggest iron- ore producer, said China’s “golden years” are gone as growth decelerates. Citic Securities Co. and Haitong Securities Co., the nation’s biggest-listed brokerages, slid at least 1 percent on speculation stock commissions will be cut, hurting profit growth. China International Marine Containers (Group) Co.’s B shares jumped after it said it will list them in Hong Kong.
“There’s no stimulus from the government recently and without strong policies, the economy will have a hard time rebounding on its own,” said Wang Weijun, a strategist at Zheshang Securities Co. in Shanghai. “The market weakness will persist.”
The Shanghai Composite Index slid 0.8 percent to 2,126.24 at 10:07 a.m. local time. The CSI 300 Index fell 1 percent to 2,334.66. The Bloomberg China-US 55 Index, the measure of the most-traded U.S.-listed Chinese companies, added 0.6 percent in New York. The Hang Seng China Enterprises Index of Chinese companies traded in Hong Kong declined 1.3 percent. (Bloomberg/msw)
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