Beijing Shougang slumps as market down at midday

Despite a capital injection of 1.8 billion yuan (285.7 million U.S.dollars) from its parent company Shougang Group, steelmaker Beijing Shougang slumped by the daily limit of nearly 10 percent to 3.89 yuan in the morning session Monday. Shougang Group announced the plan that it would inject the assets of a steelmaking plant in Qian'an, a small city in Hebei Province, to the Shenzhen-listed company Monday, on which Beijing Shougang resumed trading after a more-than-one-year suspension. The group also announced to inject the assets of its mining unit of Shougang Mining into the listed company in the next three years. China's stocks ended lower at midday Monday, with the benchmark Shanghai Composite Index down 0.37 percent to close the morning session at 2,407.74. The Shenzhen Component Index lost 0.12 percent to close at 10,012.72.