China’s Stocks Retreat, Erasing Gains as Airlines, Shippers Decline on Oil
China’s stocks fall, erasing gains, as airlines and shipping companies declined on concern higher oil prices will curb earnings growth.
The Shanghai Composite Index slipped 0.1 percent to 2,361.08 at 10:34 a.m. local time, erasing an advance of as much as 0.4 percent. The CSI 300 Index was little changed. China Southern Airlines Co., the nation’s biggest domestic carrier, slumped 0.8 percent to 5.06 yuan. Cosco Shipping Co. declined 1.3 percent to 5.53 yuan. Oil traded near the highest price in nine months in New York amid speculation supplies may be disrupted after Iran said it halted some crude exports.
Industrial & Commercial Bank of China Ltd. rose 0.2 percent to 4.41 yuan, pacing gains for lenders on the prospect the government will take more measures to ease liquidity in the financial system after announcing a cut in lenders’ reserve- requirement ratios.
To contact the editor responsible for this story: Allen Wan at awan3@bloomberg.net
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