STOCK ALERT - China's Chalco slumps in Hong Kong on output capacity shutdown

Aluminum Corp of China Ltd (Chalco) shares were sharply lower on news that nearly 40 pct of the group's alumina production capacity was shut down due to weak demand.

At 10:05 am, the stock was down 0.22 hkd or 7.7 pct at 2.64, while the Hang

Seng index was down 448.72 points or 3.3 pct at 13,341.38.

Chalco, China's top aluminum producer, said it has shut down 38 pct of the group's annual alumina production capacity -- equivalent to 4.11 mln tons.

The company said last month that it plans to cut its annual aluminum production by 720,000 tons, or 18 pct.

Alumina is the key material for making aluminum.

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