China Stocks Cap Wild Week With Two-Day Drop as PetroChina Falls
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Chinese stocks capped a volatile week of trading with a second day of losses amid concern that nation’s world-beating rally has gone too far, too fast.
PetroChina Co., the nation’s largest company by market value, dropped 2.3 percent. Evergrande Real Estate Group Ltd., China’s third-biggest developer by assets, sank 27 percent in Hong Kong after raising HK$4.6 billion ($593 million) below a marketed price range. Jiangsu Broadcasting Cable Information Network Corp. rose by the 10 percent daily limit, taking gains since its initial public offering on April 27 to more than 1,000 percent.