China’s Stocks Decline Most in Five Weeks on Earnings Concerns
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China’s stocks fell, dragging the benchmark index down by the most in five weeks, as companies from Maanshan Iron & Steel Co. to ZTE Corp. reported losses.
Maanshan Steel tumbled the most in 14 months after its third-quarter loss was wider than analysts estimated. ZTE, China’s second-largest maker of telephone equipment, retreated 2 percent to its lowest level since 2008. Hisense Electric Co., the biggest maker of flat-panel televisions, plunged by the 10 percent maximum limit after profit dropped. The National Bureau of Statistics is due to release industrial companies’ September earnings tomorrow. Profits fell 6.2 percent in August.