China’s Stocks Drop to 2009 Low as Air China Profit Falls
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China’s stocks fell, dragging the benchmark index to its lowest level in more than three years, after companies from Air China Ltd. to Zhongjin Gold Co. reported a decline in first-half profits.
Air China, the nation’s largest international carrier, sank to its lowest level since March 2009, while Zhongjin Gold, the third-largest bullion producer by market value, retreated 2.3 percent. FAW Car Co., which makes passenger cars with Volkswagen AG, declined for a seventh day as the company reported a six-month loss. Shanghai Chaori Solar Energy Science & Technology Co. rose 6.4 percent after Japan imported more solar products.