Mainland markets hit eight-month low

The index tracking mainland shares on both the Shenzhen and Shanghai stock markets dropped to an eight-month low yesterday, led by Baoshan Iron & Steel and China Petroleum & Chemical, which fell 9% and 8.5%, respectively, Bloomberg reported. The CSI 300 Index fell 4.2%, to 3,748.92 on reduced US export demand and likely higher interest rates. China’s oil refiners posted a loss of US$2.9 billion in the first two months of 2008.