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Shenzhen Development Bank tumbled 6.19 pct to 9.25 yuan after it forecast a drop of 77 pct in 2008 net profit to about 600 mln yuan mainly due to large loan provisions and write-offs. The projected decline reverses an 88 pct rise in 2007.
At 9:40 am, the benchmark Shanghai Composite Index was down 23.20 points or 1.22 pct at 1,877.15.
Nonferrous metal stocks also took a beating after yesterday's surge with Jiangxi Copper (SHA 600362; HK 0358) falling 3.69 pct to 12.25 yuan.
Western Mining (SHA 601168) dropped 2.89 pct to 7.06 yuan after announcing that Goldman Sachs Strategic Investments had reduced its stake in the company to 4.79 pct.
Air China (SHA 601111; HK 0753) was unchanged at 4.43 yuan after news that its parent China National Aviation Holding Co plans to buy a stake of up to 100 pct in privately-owned carrier East Star Airlines.
China Merchants Bank (SHA 600036) shed 3.49 pct to 11.90 yuan.
(1 usd = 6.83 yuan)
ina.zhou@xfn.com
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