China Stocks Drop to Five-Month Low


25/06/2012 22:08 AST  Bloomberg

China’s stocks fell, dragging the benchmark index to a five-month low, as Citigroup Inc. cut the nation’s growth forecast on concern Europe’s debt crisis will reduce demand for exports.

Jiangxi Copper Co. (600362), the biggest Chinese producer of the industrial metal, slid to the lowest level since January after Citigroup said China’s economy may grow 7.8 percent this year, compared with a previous estimate of 8.1 percent. China Vanke Co. and Poly Real Estate Co. led a gauge of developers lower after the China Securities Journal said the government should impose a “reasonable” property tax. Citic Securities Co. and Haitong Securities Co. retreated more than 2 percent.

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