China Stocks Slump Most in Three Weeks on Valuation Concerns
- Consumer staples, commodities fare worst after recent gains
- Nation’s benchmark equity gauge hit 13-year high last week
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Chinese stocks fell the most in three weeks, led by consumer shares and commodity producers, amid concern valuations for the most popular stocks were stretched and as metal prices slumped.
The CSI 300 Index dropped as much 1.5% before paring losses to 1% at the close. Gauges tracking energy, consumer staples and materials producers slumped more than 2%. Mainland investors appeared to flock to Hong Kong equities instead, buying a record HK$19.5 billion ($2.5 billion) of the city’s shares through trading links Monday.