China Stocks Drop Most in 9 Months, Led by Commodity Suppliers

From Bloomberg:

China’s benchmark stock index fell the most in nine months as foreign direct investment plunged, Ping An Insurance (Group) Co.’s profit missed estimates and Yunnan Copper Industry Co. said there are “no clear signs” of a recovery.

Ping An, the nation’s second-biggest insurance company, fell 3.9 percent after first-half net income dropped 45 percent. Yunnan Copper sank the 10 percent daily limit after posting a first-half loss and the metal dropped by the maximum in Shanghai. Foreign direct investment fell 35.7 percent in July as companies stalled expansion plans amid the global financial crisis.

The Shanghai Composite Index, tracking the bigger of China’s exchanges, fell 176.34, or 5.8 percent, to 2,870.63 at the 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.

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