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China shares post loss

Thursday, August 07 08:39:19

China shares posted their biggest daily loss in 1-1/2 months on Thursday, as large-cap stocks from banking to energy extended a retreat from recent highs.

The Shanghai Composite Index ended down 1.3 percent at 2,187.67 points, while the CSI300 of the leading Shanghai and Shenzhen A-share listings declined 1.5 percent, in their worst day since June 19.

Both stretched their losing streak to three days, the longest also since June 19.

PetroChina was the top index drag in Shanghai for a second day, shedding 1.5 percent. Inner Mongolia Yili Industrial Group sank 3.1 percent in its worst day in two months.

Inner Mongolia BaoTou Steel Union jumped the maximum allowed 10 percent limit after the company announced dividend plans late on Wednesday.

Other steel producers were also stronger. Fushun Special Steel soared 9.1 percent.

China is set to release July trade data on Friday, with exports likely to grow 7.5 percent from a year earlier and import growth seen slowing to 3.0 percent from 5.5 percent in June. (Reuters)

For more visit: www.businessworld.ie