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Chinese stocks lower on earnings
Friday, October 26 09:22:03
Mainland China shares closed at three-week lows today, posting their first weekly slip in four with growth-sensitive sectors leading losses after Chinese media reported that fund managers were pessimistic about the fourth quarter.
Shares of steel producers were among the hardest hit after Maanshan Iron and Steel posted a bigger-than-expected third-quarter loss, sparking profit taking on recent outperformers in the sector. The CSI300 Index of the top Shanghai and Shenzhen listings closed down 1.9 percent on the day and 3.6 percent on the week at 2,247.9, its lowest close since Sept. 26. The Shanghai Composite Index slipped 1.7 percent on Friday and 2.9 percent this week ( C) Reuters
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