| Chinese stocks fell the most in four months on Thursday, as a selloff swept the financial sector after a unit of China’s sovereign-wealth fund reportedly cut its stakes in state-owned banks for the first time. The Shanghai Composite Index sank 6.5% to 4,620.27, pulling back from a seven-year closing high after a seven-day bull run.
That also marked its steepest daily percentage decline since Jan. 19, when the index dived 7.7% after China tightened up margin-trading rules. Hong Kong’s Hang Seng Index HSI, -0.20% also declined 2.2%, falling the most in more than five months. The mainland-China-tracking Hang Seng China Enterprises was down 3.5%....................................Full Article: Source
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