Stocks slide to lowest in 19 months

Led by a plunge in metal and energy stocks, the benchmark index of the Chinese stock market Monday lost more than 5 percent to fall to its lowest level in 19 months amid growing concern about a slowing economy.

Massive unloading of Olympics-related stocks, such as tourism and catering, also weighed down the key indicator.

The benchmark Shanghai Composite Index slid 5.21 percent to 2470.07 points, with the turnover amounting to 41.5 billion yuan, down 10 percent from the previous trading day.

The smaller Shenzhen Component Index also sank 5.64 percent to close at 8170.15 points.

Together with the decline of 4.47 percent last Friday, the index plunged a total of almost 10 percent in two trading days.

Economists and stock analysts said the latest plunge was a continuation of the depressed sentiment that has clouded the market in the past 10 months or so.

Figures from the National Bureau of Statistics showed PPI registered a sharp increase of 10 percent year-on-year, compared with 8.8 percent in June.

The spike in July PPI came on the back of the price increase in domestic oil products and other commodity prices, including coal and metals.

Shares of PetroChina, one of the largest constituent shares of the index, slid 5.54 percent to 13.8 yuan. Handan Iron and Steel Co dropped 4.21 percent to 3.87 yuan while China Aluminum, or Chalco, China¡¯s largest aluminum producer, plummeted 10 percent to 10.38 yuan.

Shandong Nanshan Aluminum Co sank 9.76 percent to 8.14 yuan while Jiangxi Copper dropped 9.98 percent to 17.32 yuan.

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