Leo Zhang/Shanghai Daily news

Companies which posted weak earnings hammered Shanghai stocks to their lowest in three months yesterday.
The shanghai Composite Index, which covers yuan-denominated A shares and foreign-currency B shares, dived 1.54 percent at 1,080.87, the lowest since July 26, when it hit 1,072.81.
The a-share index tumbled 1.54 percent to 1,136.27 and the B-share index shrank 1.18 percent to 59.36.
"Investors unloaded positions to reflect their disappointment at poor profit figures" released by the companies, said Li Zhi, a Hualin Securities Co analyst. "The market was overwhelmed by a mood to sell."
But li is fairly confident that the market "may bottom out as early as next week."
Shanghai petrochemical Co, China's largest ethylene maker, slumped 7.80 percent to 3.19 yuan (39 US cents). The company said profit for July to September dived 91 percent on-year to 98.4 million yuan on higher crude oil costs.
China petroleum & Chemical Corp, Asia's biggest oil refiner, lost 1.81 percent to 3.80 yuan. The company said its third-quarter net income dropped 20 percent to 8.6 billion yuan.
Port operator Jinzhou Port Co fell 2.77 percent to 3.51 yuan after it said its profit for the three months to September declined 17 percent on a yearly basis to 30.8 million yuan.
Hudong heavy Machinery Co shed 1.84 percent to 10.67 yuan amid profit taking. It was the first company directly controlled by the central government to boost its offer above 3 shares for every 10 owned by investors in exchange for the right to float non-tradable stock. Major shareholders at the company increased the offer to 3.2 shares from 2.8 shares for every 10 held.
Yanzhou coal Mining Co, the country's biggest listed coal firm, stumbled 9.12 percent to 5.48 yuan after retreating 2.74 percent on Thursday. Higher costs eroded the company's profit for the third quarter by 55 percent.