BEIJING: Chinese stocks retreated for the first time in 11 days, with the benchmark Shanghai gauge poised to end its longest winning streak since 1992.
Baoshan Iron & Steel Co. and Huaneng Power International Inc. slid more than 2 percent to lead declines among material and utility stocks. Agricultural Bank of China Ltd. lost 1.6 percent after posting a decline in fourth-quarter earnings. Bank of China Ltd. fell 2.7 percent before its earnings report Wednesday. Tianjin Port Co. surged 5.1 percent after a report that the Politburo approved new free-trade zones in the municipality, and in Fujian and Guangdong provinces.
The Shanghai Composite Index sank 1.1 percent to 3,652.57 at the 11:30 a.m. break, set to end a 10-day, 12 percent rally. The winning streak was the longest since a 14-day stretch in May 1992. The CSI 300 Index slipped 1 percent.
“The market has risen a lot recently, so it’s no surprise to see a correction like this,” Dai Ming, a fund manager at Hengsheng Asset Management Co., said in Shanghai. “This kind of correction is healthy for the market.”
