China: Stocks see winning streak end on commodity tumble

[SHANGHAI] China stocks dropped more than 1 per cent on Wednesday, snapping a six-session winning streak, as a tumble in commodity prices hit resource shares and prompted profit-taking amid signs of persistent lethargy in the economy.

The blue-chip CSI300 index declined 1.2 per cent, to 3,071.91, while the Shanghai Composite Index shed 1.3 per cent, to 2,862.56 points, registering their first losses in seven sessions.

All sectors, with the exception of banks, lost ground as China's much worse-than-expected February trade data revived concerns about the country's economic health.

An index tracking resource businesses tumbled 5.3 per cent, while the energy sector slumped 3.6 per cent.

Investors dumped index heavyweights such as Baoshan Iron & Steel Co and Sinopec on lower raw material and oil prices.

REUTERS