There is the sign of Metal stock which i think is overbought now days..I will surelly wait for Pantech to retreat to buy agian.. after i sold it last month....is in my radar..i must be patient...
CHINA: Chinese stocks fell the most in nine months, driving the benchmark index below 3,000 points, as metal prices slumped and a loss at Yunnan Copper Industry Co. stoked concern this year’s rally was overdone.
Yunnan Copper, the nation’s third-biggest producer of the metal, lost the 10%daily limit after posting a loss in the first half year.
Zhuzhou Smelter Group Co., the biggest producer of refined zinc, also slid the maximum 10%. Copper and zinc tumbled by their daily cap in Shanghai.
SAIC Motor Co., China’s largest carmaker, retreated 8.4% after more than doubling this year. Baoshan Iron & Steel Co. dropped 7.6%.
The Shanghai Composite Index, tracking the bigger of China’s exchanges, fell 176.34 points, or 5.8%, to 2,870.63 at the close, the worst day since Nov 18 and the lowest since June 18.
The gauge has declined 17% from this year’s high set on Aug 4 on concern a slump in exports and new loans will damp economic growth. Still, it remains 58% higher this year.
“These disappointing earnings from big companies have reaffirmed concerns that share prices have moved ahead of fundamentals,” said Zhang Ling, who helps oversee about US$7.21bil at ICBC Credit Suisse Asset Management Co. in Beijing. “The correction will continue.” - Bloomberg
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