China’s Stocks Fall Most in Week as Auto, Technology Shares Drop
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China’s stocks fell the most in a week amid concerns new share sales will divert funds from existing equities and auto demand may slump after the government said it would stop providing cars to junior officials.
SAIC Motor Corp. and FAW Car Co. sank at least 2.4 percent, leading declines for automakers. Neusoft Corp. dropped 4.1 percent, sending a gauge of technology shares to its lowest level in almost two months. Bank of Communications Co. paced losses for lenders, sliding 0.8 percent. China faces what would be the second default in the nation’s onshore bond market after a builder said it may fail to make a payment next week.