BEIJING: China stocks dipped for a third day, the biggest losing streak since November.
Aluminum Corp. of China Ltd. slumped 6.6 percent to lead declines for metal shares, paring a 12-month rally to 78 percent. PetroChina Co., the biggest energy company, retreated 3 percent before trade data tomorrow. Poly Real Estate Group Co. dropped 4.2 percent as a gauge of developers slid the most among industry groups in Shanghai. Real estate companies have been the best performers over the past year.
The Shanghai Composite Index (SH COMP) dropped 2.1 percent to 3,215.77 at the 11:30 a.m. break, heading for the lowest level since Dec. 30. The three-day retreat is the longest since China’s central bank announced an unexpected cut in interest rates in November to support the economy. UBS AG said today that valuations for large stocks have reached fair levels and the bull market may stall unless profits improve.
“The market has probably entered a correction period as there are sizeable gains for big caps already, ” said Wu Kan, fund manager at Dragon Life Insurance Co. in Shanghai. “We may see the index fall to the 3,100 level.”
The Shanghai measure rallied 1.6 percent last week for a ninth week of gains, the longest winning streak since May 2007. The index has surged 60 percent over the past year, the best performer among 93 global indexes tracked by Bloomberg, amid speculation the government will loosen monetary policy to support economic growth. The gauge traded at 12.3 times 12-month projected earnings last week, the highest level since May 2011, according to data compiled by Bloomberg
shanghai shares start week with losses 25 june 2018
Hong Kong, (UrduPoint / Pakistan Point News - 25th Jun, 2018 ) :Hong Kong and mainland Chinese stocks fell on...
