Stocks fall after assets announcement

Hu Yumo
Declines led by iron and steel providers as investors become cautious after regulator says supervision will focus on capital management instead of individual enterprises.
Hu Yumo

Shanghai stocks fell on Thursday, led by declines of iron and steel providers.

The Shanghai Composite Index fell 0.47 percent to 2,889.69 points.

Coal miners, non-ferrous metals and new material companies were also among the biggest decliners.

Investors turned to caution after China's top state assets regulator said on Wednesday that the country was to strengthen state assets supervision with priority on capital management.

Weng Jieming, deputy head of the State-owned Assets Supervision and Administration Commission, said the supervision will focus on capital management instead of individual enterprises.

Shanghai Beite Technology Co Ltd fell 3.68 percent to 7.06 yuan (US$1) and Zhejiang Tiancheng Controls Co Ltd declined 7.47 to 8.30 yuan.

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