The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 64.89 points, or 2.7 percent, to 2,308.55, the biggest drop since Nov. 30. The CSI 300 Index (SHSZ300) declined 2.8 percent to 2,559.03, the largest retreat since March 28.
Oil Refiners: China Petroleum & Chemical Corp. (600028) (600028 CH), the largest refiner, fell 3.1 percent to 6.49 yuan, the lowest close since November 2006. PetroChina Co. (601857)(601857 CH), China’s second-largest oil refiner, dropped 1.7 percent to 9.30 yuan, a record low. China may cut gas and diesel prices by about 700 yuan per ton, the Shanghai Securities News said, citing industry website Chem99.com.
Sany Heavy Industry Co. (600031) (600031 CH), China’s biggest machinery maker, declined 4.4 percent to 14.26 yuan, the most since Dec. 15. Zoomlion Heavy Industry Science and Technology Co. (000157 CH), the second-biggest, slid 3.6 percent to 10.61 yuan. Nomura Holdings Inc. said excavator-industry sales to China will fall 27 percent in 2012, compared with a prior estimate of a 12 percent decline, as fixed-asset investment will be weaker-than-expected.
Shandong Gold Mining Co. (600547) (600547 CH), China’s second- biggest gold company by market value, climbed 5.7 percent to 36.31 yuan, the most since April 25.
Shandong Gold Group, the parent, agreed to pay 3.76 billion yuan ($591 million) for 98.5 percent of Shandong Shengda Mining Co. and Shandong Tiancheng Mining Co., both based in the eastern province of Shandong, listed unit Shandong Gold Mining said in an exchange filing June 1. The companies will be transferred to the unit once the parent completes the purchase, it said.
To contact the reporter on this story: Ee Chien Chua in Singapore at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com