Economics
China’s Stocks Fall to Lowest Since March 2009 on Profit Concern
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China’s stocks fell, dragging down the benchmark index to the lowest level since March 2009, after companies from Maanshan Iron & Steel Co. to Shanxi Coal International Energy Group Co. reported weaker earnings.
Maanshan Iron dropped to a 16-year low, while Shanxi Coal sank 6 percent as Shenyin & Wanguo Securities cut the company’s earnings estimates. Gemdale Corp. tumbled to a seven-month low after the official Xinhua News Agency reported the government is studying further measures to control the property market.