China Stocks Cap Biggest Two-Day Loss This Month on IPOs

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China’s stocks fell, capping the benchmark index’s biggest two-day loss this month, on concern valuations are outstripping earnings growth and a flood of share sales will lure funds from existing equities.

Trainmaker CRRC Corp. and Shenzhen InfoTech Technologies Co. plunged by the 10 percent daily limit, while phone-equipment maker ZTE Corp. slid 5.4 percent. BYD Co. tumbled 6.6 percent in Hong Kong.

The Shanghai Composite Index fell 3.5 percent to 4,887.43 at the close, extending losses to 5.4 percent in the past two days.

Source : Bloomberg