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Stocks on the Chinese mainland fell, dragging the benchmark indexdown by the largest amount in six weeks on concerns that Europe'sdebt crisis may further slow Chinese export growth. China Cosco Holdings Co and Cosco Shipping Co dropped more than 4percent before a report on Thursday that may show Chinese exportgrowth decelerated. SAIC Motor Corp slid 2.9 percent after theXinhua News Agency said China will ban executives at State-ownedcompanies from excessive spending on items such as cars. Sany HeavyIndustry Co paced declines for construction machinery stocks afterNomura Securities Co said sales of excavators last month were"disappointing". The Shanghai Composite Index, which tracks the bigger of China'sstock exchanges, slumped 40.3 points, or 1.7 percent, to 2,408.59at the close, the biggest drop since March 28. The CSI 300 Indexdeclined 1.9 percent to 2,657.51. "If the Greece and euro woes continue, it will start to drag on themarket as investors will be concerned about the effect on theeconomy," said Larry Wan, Beijing-based head of investment at UnionLife Asset Management Co, which manages the equivalent of $2.2billion. Even with Wednesday's drop, the Shanghai index has climbed 9.5percent this year on expectations the government will relaxmonetary policies and take more measures to bolster equities. The China Securities Regulatory Commission will accelerate the paceof approving qualified foreign institutional investors, ShanghaiSecurities News reported on Wednesday, citing Wang Lin, head of thefund supervision department at the CSRC. China's overseas sales gains may have cooled further to 8.5 percentin April from a year earlier, while import growth probably doubledto 10.9 percent, according to economists' estimates ahead of acustoms bureau report on Thursday. The trade surplus may havenarrowed to $9.9 billion from $11.4 billion in April 2011. China Cosco, the nation's biggest publicly traded shipping company,dropped 4.2 percent to 5.24 yuan (83 cents) and Cosco Shippingretreated 4.9 percent to 4.90 yuan. Europe is China's biggest export market, receiving about 18 percentof the nation's overseas shipments, according to Shenyin &Wanguo Securities Co. "There's already a lot of uncertainty this year because of thepolitical changes, and if stimulus measures are stalled because thecongress is postponed, that will have an impact on shares," Wansaid. Automakers drop SAIC Motor, the largest Chinese automaker, slid 2.9 percent to15.53 yuan. Beiqi Foton Motor Co, the biggest commercial-vehiclemaker, lost 3.3 percent to 8.57 yuan. Executives at unprofitable State-owned companies may not buy carsor high-end office supplies, or redecorate offices, Xinhua said,citing a joint statement from three government departments,including the Ministry of Finance. Sany Heavy Industry, the biggest maker of excavators, fell 3.4percent to 14.31 yuan. The demand for excavators dropped a "ratherdisappointing" 42 percent in April, Nomura said, citing data fromChina Construction Machinery Association. There is a dearth of new construction, analyst Wenjie Ge said onTuesday. The company said on Saturday that it may cut itsunit-sales forecast for this year as government efforts to curbproperty speculation slow construction. Zoomlion Heavy Industry Science and Technology Co, China'ssecond-biggest maker of construction equipment, sank 1.8 percent to10.18 yuan. The e-commerce company in China offers quality products such as Pre-painted Aluminum Manufacturer , China Electrolytic Tinplate Coil, and more. For more , please visit Galvalume Steel Coil today!
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