China stocks plunge to 43-month low

BEIJING -- Chinese stocks fell to a 43-month low on Wednesday, dragged down by non-ferrous metal companies and oil refiners, as investors' worries over an economic slowdown have not eased.

The benchmark Shanghai Composite Index fell 0.96 percent, or 19.92 points, to close at 2,053.24. The Shenzhen Component Index closed at 8,270.91, down 1.54 percent, or 129.45 points.

Combined turnover on the two bourses rose slightly to 92.49 billion yuan ($14.68 billion) from 92.33 billion yuan the previous day.

Losers outnumbered gainers by 698 to 234 in Shanghai and by 842 to 601 in Shenzhen.

Non-ferrous metals led the declines, with the entire board dropping 1.97 percent.

Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co, the country's largest rare earth metal producer, dived 6.64 percent to close at 32.91 yuan per share. Rising Nonferrous Metals Share Co plunged 7.5 percent to finish at 47.97 yuan per share.

Oil refiners were among the biggest losers Wednesday on speculation that the sector's previous rally was excessive and that the market was performing a technical rebound.

Sinopec, the country's largest oil refiner, slid 3.05 percent to close at 6.04 yuan per share, while its major rival PetroChina fell 1.56 percent to finish at 8.81 yuan per share.

Coal producers also fell hard, as the slowing economy is expected to dampen demand for raw materials. Guizhou Panjiang Refined Coal Co, a leading coal producer, slumped 7.59 percent to close at 13.88 yuan per share.