China’s Stocks Fall From Two-Week High as ZTE Drops With Sinopec

Chinese stocks fell from a two-week high as declines by phone stocks overshadowed higher-than-estimated profit from China Construction Bank Corp.

ZTE Corp. led telecommunications stocks lower for a second day on concern a rally this year was overdone. China Petroleum & Chemical Corp. dropped from a 13-month high and was the biggest drag on the Shanghai Composite Index even as it reported profit that beat estimates. Construction Bank rose to a one-month high. Inner Mongolia Baotou Steel Union Co. surged 9.9 percent on speculation demand for the material is rising.