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The crash resumes: Chinese stocks plummet to lowest levels since February 2009

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09/20/2012 10:53 AM
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The crash resumes: Chinese stocks plummet to lowest levels since February 2009
China’s stocks slumped, dragging down the benchmark index to the lowest level since February 2009, after a report on manufacturing signaled a contraction and escalating tensions with Japan threatened trade.

Dongfeng Automobile Co., which makes light trucks in China with Nissan Motor Co., slumped to the lowest level since November 2008 as a Japanese auto group said protests over disputed islands will hurt sales of the nation’s cars in China. Jiangxi Copper Co. and Aluminum Corp. of China Ltd., the biggest copper and aluminum producers, led declines for metal stocks after a HSBC Holdings Plc and Markit Economics survey showed factory output may contract for an 11th month in September.

The Shanghai Composite Index (SHCOMP) fell 2.1 percent to 2,024.84 at the close, the most among Asia’s benchmark indexes. The CSI 300 Index (SHSZ300) dropped 2.2 percent to 2,195.95, with eight of 10 industry groups losing more than 2 percent. The Hang Seng China Enterprises Index (HSCEI) of Chinese companies traded in Hong Kong slid 1.3 percent. The Bloomberg China-US 55 Index (CH55BN) added 1.4 percent.

[link to www.businessweek.com]