Pursuits
Chinese Stocks Drop for Third Day on Valuations
This article is for subscribers only.
China’s stocks fell for a third day, the longest losing streak since November, amid concern a rally for the world’s best-performing equities market over the past year has been excessive relative to the outlook for the economy.
Aluminum Corp. of China Ltd. slumped 6.1 percent to lead declines for metal shares in Shanghai, paring a 12-month surge to 79 percent. PetroChina Co., the biggest energy company, retreated 3.7 percent before trade data tomorrow. Poly Real Estate Group Co. dropped 3 percent as a gauge of developers slid the most among industry groups in Shanghai. Real estate companies have been the best performers over the past year.