The Shanghai Composite Index fell 5.3% on Monday to 2,319.97 points, a 20-month low, AP reported. Airlines and refiners led the falls as investors were disappointed over a lack of government support for the markets. China Southern Airlines dropped 9.9% to RMB5.27 (US$0.76) despite the release of a positive earnings report. Air China and China Eastern Airlines each fell by the 10% daily limit, to RMB6.18 (US$0.89) and (US$0.73), respectively. Refiners were hit by rising oil prices. In addition to the lack of direct government intervention, despite President Hu Jintao’s earlier statements that the government would guide the "healthy development" of the market, the billions of new shares that have begun trading this month have put liquidity strains on the market.