China stocks hit 19-month low

China's main stock index has slid to a fresh 19-month, intra-day low, hurt by concern about high inflation and a slowing economy. The Shanghai Composite Index, which tumbled 4.47 per cent on Friday, was down 1.94 per cent at 2,555.261 points at midday. Early in the day it sank as much as 2.94 per cent to 2,529.134 points, falling below its previous multi-month low of 2,566.528, hit on July 3 this year.

Non-Ferrous Metals Hit Hard

Non-ferrous metals shares were particularly hard hit on Monday because of expectations that demand for their products would be hit by China's economic slowdown, and following drops in metals prices abroad.

Aluminium Corp of China , the country's biggest aluminium producer, tumbled 6.24 per cent to 10.81 yuan.

Olympics-related shares dropped, after surging before the games opened on hopes that they might benefit from a surge in consumption due to the Olympics.

Fuyao Group Glass Industries , China's top automotive glass maker, dropped 2.38 per cent to 6.57 yuan after saying first-half net profit rose only 5.4 per cent, dampened by surging oil and raw material costs.

The China Association of Automobile Manufacturers said on Friday that car sales in China rose 6.79 per cent from a year earlier in volume terms last month, their slowest pace in two years.

Datong Coal Industry , one of the country's biggest coal producers, slumped 10 per cent to 21.39 yuan after saying it planned to issue 2.65 billion yuan worth of new shares in a private placement to acquire a coal mine from its parent.

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