China™s
stocks fell for a second day as Sinopec Shanghai Petrochemical Co. led a
drop for energy companies after forecasting a loss, overshadowing gains
by consumer companies.
Sinopec
Shanghai Petrochemical sank 4.6 percent after forecasting a loss in the
first quarter. Chongqing Changan Automobile Co. jumped by the 10
percent daily limit after the company said first-quarter net income may
have risen by as much as 274 percent.
The
Shanghai Composite Index dropped 0.2 percent to 2,127.28 at 9:48 a.m.
local time. The gauge surged 3.5 percent last week after a deal to link
Shanghai and Hong Kong markets that gives Chinese investors
unprecedented access to Macau casino stocks and Tencent Holdings Ltd.
The CSI 300 Index retreated 0.2 percent to 2,265.63. The Hang Seng China
Enterprises Index advanced 0.2 percent. The Bloomberg China-US Equity
Index, the measure of the most-traded U.S.-listed Chinese companies,
fell 1.2 percent in New York.
Source : Bloomberg
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