China's Stocks Fall as Capital Outflows Hit Record in August
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China’s stocks capped a weekly loss after capital outflows hit a record and concern grew the nation’s economic slowdown is worsening and the government is scaling back support for equities.
The Shanghai Composite Index dropped 1.6 percent to 3,092.35 at the close, wiping out this week’s gain. About eight stocks slid for every one that advanced as trading volumes tumbled 33 percent from the 30-day average. An estimated $141.66 billion left China in August, exceeding the previous record of $124.62 billion in July, data compiled by Bloomberg show. Technology stocks, the best performers this week, slumped the most among industry groups.