Markets

China's stocks drop for seventh day

(Agencies)
Updated: 2010-07-01 15:54

China's benchmark stock index dropped for a seventh day, the longest losing streak in 18 months, as a bigger-than-expected slowdown in the country's manufacturing last month added to evidence the economy is cooling.

Jiangxi Copper Co and in Shenhua Energy Co paced losses by commodity producers as metal and oil prices declined.

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Aluminum Corp of China Ltd, the nation's biggest maker of the lightweight metal and also called Chalco, slid 2.8 percent after cutting the price of alumina. Yunnan Baiyao Group Co fell among health-care companies on concern valuations are excessive relative to earnings prospects.

The Shanghai Composite Index retreated 24.58, or 1 percent, to close at 2,373.79, the lowest since April 8, 2009. The seven- day decline is the longest since an eight-day slump that ended Dec 31, 2008. The CSI 300 Index slid 1.4 percent to 2,526.07.

"The market is still in the middle of a correction as economic growth is expected to slow," said Zhang Ling, a fund manager at Shanghai River Fund Management Co.