Stocks slump on earnings concern

SHANGHAI - Stocks on the Chinese mainland fell on Thursday, dragging the benchmark index to a three-month low. That's after a slump in commodities raised concern producers' earnings will decline.

Jiangxi Copper Co tumbled to the lowest level in more than seven months. PetroChina Co and China Shenhua Energy Co retreated at least 1.3 percent after oil prices fell below $100 a barrel. Sany Heavy Industry Co dropped 2.4 percent after Goldman Sachs Group Inc said growth in the machinery industry will weaken. Liquor maker Kweichow Moutai Co advanced among consumer stocks on speculation that earnings will be able to weather government steps to curb inflation.

The Shanghai Composite Index slid 39.34 points to 2844.08 at the 3 pm close, the lowest level since Feb 11. The index dropped 0.3 percent after official data showed inflation in April exceeded the government's target. The CSI 300 Index declined 1.4 percent to 3101.60.