Sinopec Tumbles as Output Sinks Huaneng: China Overnight
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Chinese equities fell in New York for the first time in three days, led by China Petroleum and Chemical Corp. and Huaneng Power International Inc., after slower growth in industrial output and exports damped prospects for expansion in the world’s largest developing economy.
The Bloomberg China-US Equity Index of the most-traded Chinese stocks in the U.S. slid 0.9 percent to 89.37 yesterday, after rising 0.5 percent last week. China Petroleum, Asia’s biggest oil refiner, slumped for a fifth day as its units announced plans to issue shares to existing holders. Huaneng tumbled to the lowest level since March, while Semiconductor Manufacturing International Corp. slid to a one-month low after Credit Suisse Group AG cut its rating.