China’s Shanghai Composite Index Drops as Commodity Stocks Fall
China’s stocks fell for a third day on concern the nation’s economic slowdown is deepening, overshadowing the central bank’s second interest-rate cut in a month.
The Shanghai Composite Index slipped 5.9 points, or 0.3 percent, to 2,195.40 at 10:33 a.m. local time, erasing a gain of as much as 0.4 percent. The CSI 300 Index lost 0.1 percent to 2,429.21, led by energy and material companies. China Vanke Co. surged 2.7 percent and property developers rallied on the prospect lower borrowing costs will stimulate housing demand. China Construction Bank Corp. fell 1 percent on concern bank net interest margins will narrow, hurting earnings.
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