PetroChina Co., The Second-Largest Oil Refiner, Dropped to a Record Low

China's stocks fell the most in six months after the nation's non-manufacturing industries expanded at a slower pace for a second month and fewer U. S. Jobs were added than economists estimated. PetroChina Co., the second-largest oil refiner, dropped to a record low as the Shanghai Securities News reported fuel prices may be cut and JPMorgan Chase & Co. Lowered its estimate for China's gross domestic product for the second time in a month. Sany Heavy Industry Co., China's biggest machinery maker, declined 4.4 percent after Nomura Holdings Inc. Reduced its outlook for the industry. “There's a lot of psychological pressure among investors with the weak non-manufacturing data in China and global issues such as U. S. Data and the euro crisis dragging on stocks, ” said Tang Yonggang, an analyst at Hongyuan Securities Co. In Beijing. “We are hoping for more stimulus measures in June and are anticipating reserve-ratio cuts or even interest-rate cuts this month to boost the economy. ” Sany Heavy dropped 4.4 percent to 14.26 yuan. Zoomlion Heavy industry Science and Technology Co., the second-biggest construction machinery maker, slid 3.6 percent to 10.61 yuan. Nomura said excavator-industry sales to China will fall 27 percent in 2012, compared with a prior estimate of a 12 percent decline, as fixed-asset investment will be weaker-than-expected. Source: bloomberg.com