China stocks drop from 11-week high on commodity retreat amid a crackdown on pump-and-dump scheme
- Biden’s administration delayed a China investment ban to June 11 on trading in a blacklist of companies with alleged ties to military
- Onshore markets wobbled as regulators probe into pump-and-dump manipulation in several stocks
The Shanghai Composite Index fell 0.5 per cent to 3,510.96 at the close of Wednesday trading, after a rally this week that lifted the gauge to the highest level in 11 weeks. The Shenzhen Composite Index climbed 0.2 per cent, while technology-heavy ChiNext rose 0.8 per cent.
China Oilfield Services fell 4.9 per cent to 15.35 yuan while China Coal Energy lost 5.7 per cent to 7.40 yuan. Aluminium Company of China fell 3.1 per cent to 5.28 yuan. Prices of crude, aluminium and copper fell from their highs in recent trading.
Among other key movers, the world’s most valuable liquor distiller Kweichow Moutai fell 0.5 per cent to 2,049 yuan. China Tourism Group Duty Free added 2.7 per cent to 326.52 yuan. Ping An Insurance dropped 1.3 per cent to 69.97 yuan.
