Chinese stocks headed for the biggest loss in three weeks as energy producers retreated after oil tumbled.
The Shanghai Composite
Index declined 1.4 percent. China Petroleum & Chemical Corp. and
Yanzhou Coal Mining Co. lost more than 2 percent. Crude slumped the most
in two months in New York after talks between major oil producers ended
in Doha without any agreement on limiting output. Property developers
declined even after data showed home prices accelerated last month.
Falling oil would
undercut one of the biggest drivers in Chinese stocks this year. A gauge
of energy shares jumped 11 percent in the three months through Friday,
the most among industry groups, as crude rebounded. Housing demand
helped boost growth in the first quarter, with output of real-estate
services adding 9.1 percent from a year earlier, the statistics bureau
said over the weekend. China’s economy grew 1.1 percent from the
previous quarter, the lowest print since the series became available in
2011.
The Shanghai Composite
traded at 3,036.28 at 9:44 a.m. local time. The Hang Seng China
Enterprises Index retreated 1.6 percent, with China Oilfield Services
Ltd. leading declines. The Hang Seng Index fell 1 percent.
A gauge of energy
producers on the CSI 300 Index slumped 1.8 percent, the most among the
10 industries on the measure. China Petroleum, better known as Sinopec,
was poised for its lowest close since March 24. Yanzhou Coal slid 2.9
percent, paring its gain this year to 17 percent.
Source: Bloomberg
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