China Stocks Slump Most in Four Months After Party Centenary
- Kweichow Moutai, China Merchants Bank among biggest drags
- PBOC’s net withdrawal of liquidity didn’t help: Capital Sec.
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Chinese equities slid the most since early March as investors rushed to offload shares, with a perceived period of safety seen ending after the ruling Communist Party’s 100th anniversary celebrations.
The CSI 300 Index finished the session 2.8% lower. Liquor giant Kweichow Moutai Co. and China Merchants Bank Co. were among the top drags on the benchmark. Foreign investors are also dumping mainland shares via trading links in Hong Kong, with net outflows hitting 8.6 billion yuan ($1.3 billion), the most since September.