Chinese Stocks Drop 10% From Peak
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China’s benchmark stock index tumbled more than 13 percent from this year’s peak amid growing concern that the country’s longest-ever bull market has propelled valuations to unsustainable levels.
The Shanghai Composite Index plunged 6.4 percent to 4,478.36 at the close Friday, entering a correction for the first time since January 2014 and closing at its lowest level in four weeks. Declines were paced by material and industrial companies, with Aluminum Corp. of China Ltd. and Air China Ltd. slumping more than 8 percent.