Chinese shares fall on corporate profit concerns

(Xinhua)
Updated: 2008-09-01 19:34

PetroChina, the country's largest oil company, fell 2.97 percent to 12.72 yuan, while Sinopec, Asia's top oil refiner, lost 2.54 percent to 9.96 yuan.

Airline shares fell across the board. Air China was down 5.26 percent to 5.40 yuan, China Eastern Airlines plummeted 6.14 percent to 4.43 yuan and China Southern Airlines decreased 5.49 percent to 3.44 yuan.

Saturday's 6.1-magnitude quake in the southwestern Sichuan and Yunnan provinces also put pressure on the market, said a Shanghai Shiji Investment Consulting analyst. The death toll from the quake stood at 38.

Panzhihua Iron and Steel Co., based in the quake-hit region, saw the shares of its three listed arms -- Chongqing Titanium Industry Co., Panzhihua New Steel and Vanadium Company and Pangang Group Sichuan Changcheng Special Steel Co. -- drop by the daily 10 percent limit to 7.32 yuan, 10.67 yuan and 4.95 yuan respectively.

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