Bloomberg News

China’s Stocks Decline on Concerns About Economy, Earnings

April 24, 2012

China’s stocks fell after some industrial companies reported slumping earnings and a major government ministry signaled the nation’s economic slowdown may worsen.

Tangshan Jidong Cement Co. dropped 1.9 percent in Shenzhen trading after it reported a wider first-quarter loss. Steelmaker Beijing Shougang Co. declined to a three-week low after it forecast a loss in the first half from a profit a year ago.

The Shanghai Composite Index slipped 0.2 percent to 2,383.22 at 9:50 a.m. local time. The CSI 300 Index declined 0.1 percent to 2,601.80.

China’s economic performance still faces downward pressure, the Ministry of Industry and Information Technology said in a statement ahead of a briefing in Beijing today. Chinese companies are seeing increasing operational difficulties, it said.

To contact the editor responsible for this story: Allen Wan at awan3@bloomberg.net


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