Stocks end down led by commodities
China Daily | Updated: 2009-08-18 08:04
China's benchmark stock index fell the most in nine months as foreign direct investment plunged.
The Shanghai Composite Index, tracking the bigger of China's exchanges, fell 176.34, or 5.8 percent, to 2870.63 at close, the worst day since Nov 18 and the lowest since June 18. The gauge has declined 17 percent from this year's high on Aug 4 on concern a slump in exports and new loans will damp economic growth. It remains 58 percent higher this year.
"These disappointing earnings from big companies have reaffirmed concerns that share prices have moved ahead of fundamentals," said Zhang Ling, who helps oversee about $7.21 billion at ICBC Credit Suisse Asset Management Co in Beijing. "The correction will continue."
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