Sector Snap: China cos. fall on lending worries
Shares of some companies based in China decline on worries about tighter lending
NEW YORK (AP) -- Shares of some companies based in China fell Monday on worries about tighter lending in that country.
Before Wall Street opened for trading, Asian markets were already sharply lower, led by a 5 percent plunge in China's Shanghai Composite Index. That was the index's biggest loss in four years. The decline was prompted by a government crackdown on off-balance sheet lending, which made investors worry about China's economic growth.
China is the world's second-biggest economy.
In afternoon trading in New York amid a broad market sell-off:
Baidu.com Inc. dropped $3.46, or 3.7 percent, to $89.91.
Trina Solar Ltd. fell 42 cents, or 7.6 percent, to $5.07.
JA Solar Holdings Co. declined 45 cents, or 7.1 percent, to $5.92.
Yingli Green Energy Holdings Co. shed 8 cents, or 2.7 percent, to $2.92.
China Telecom Corp. fell $1.10, or 2.4 percent, to $45.05.
China Mobile Ltd. dropped 29 cents to $48.69.
PetroChina Co. declined $2.42, or 2.4 percent, to $100.24.
