China Stocks: Construction Bank, Jiangxi Copper, Aluminum Corp.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 25.65, or 0.9 percent, to 2,872.61. The CSI 300 Index declined 0.7 percent to 3,200.83.

Banks: Industrial & Commercial Bank of China Ltd. (601398 CH), the nation’s largest lender, fell 1.1 percent to 4.34 yuan, the lowest since Oct. 29. The China Securities Regulatory Commission approved the lender’s rights offer of 11.26 billion A shares at 2.99 yuan each, and the new stock will start trading Nov. 30.

China Construction Bank Corp. (601939 CH), the nation’s second biggest lender, dropped 0.8 percent to 4.71 yuan. Bank of Communications Co. (601328 CH) declined 1.2 percent to 5.69 yuan. China will probably cut the target for new loans close to 7 trillion yuan next year from this year’s 7.5 trillion yuan, Shanghai Securities News reported, citing an unidentified person.

Commodity producers: Jiangxi Copper Co. (600362 CH), the top producer of the metal, fell 2.6 percent to 34.99 yuan. Aluminum Corp. of China (601600 CH), the listed unit of China’s biggest maker of the lightweight metal, dropped 1.7 percent to 10.33 yuan.

The Shanghai Futures Exchange will increase the proportion of cash that traders must deposit with brokerages on copper, aluminum, steel wire, gold and fuel oil transactions to 10 percent of the total value after the market closes on Nov. 29, and raise the limit on daily changes in prices to 6 percent starting on Nov. 30, the bourse said in statement late yesterday.

PetroChina Co. (601857 CH), China’s biggest oil and gas producer, fell 1.6 percent to 11 yuan. The company agreed to pay 392.25 million yuan ($59 million) for a 4.3 percent stake in a fuel oil and bitumen company controlled by its parent, according to an exchange statement.

--Zhang Shidong, Irene Shen. Editors: Reinie Booysen

To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at +86-21-6104-3040 or szhang5@bloomberg.net Irene Shen in Shanghai at +86-21-6104-3049 or ishen4@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.