China Stocks Fall for Second Day as Material, Bank Shares Slide
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China’s stocks fell for a second day, led by material producers, financial companies and airlines, after technical indicators signaled shares were overbought. Smaller-company shares rallied.
Jiangxi Copper Co. and Anhui Conch Cement Co. led declines for material companies with losses of at least 1.4 percent. Shanghai Pudong Development Bank Co. tumbled 3.5 percent, paring a rally to 36 percent since Aug. 22, when the Ministry of Commerce said the city’s free-trade zone proposal had been approved in July. China Eastern Airlines Corp. slid 5 percent after valuations jumped to a one-year high. Huayi Brothers Media Corp. paced a rally for smaller companies on the ChiNext index.