Most Chinese stocks retreated in early trading on Wednesday, led by raw-material producers, as investors sold the best-performing sector over the past three months for profits….
Most Chinese stocks retreated in early trading on Wednesday, led by raw-material producers, as investors sold the best-performing sector over the past three months for profits.
The Shanghai Composite Index slid 0.2 per cent, or 6.6 points, to 3,284.21, set to end a four-day, 1.4 per cent rally. About three stocks dropped for every two that rose on the measure. The CSI 300 Index of large companies slipped 0.1 per cent.
Hong Kong cancelled the morning trading session because of Typhoon Hato, and the afternoon session will be scrapped if the typhoon signal remain hoisted by 12 noon, according to the city’s exchange.
A gauge tracking material stocks fell 1.1 per cent as the worst performer among the CSI 300’s 10 industry groups. The sub-index had advanced 24 per cent over the past three months through Tuesday as a government-led cutback in excessive capacity boosts raw-material prices from steel to aluminium.
