Chinese stocks came back to earth with a thud today after the greatest leap since July 10 on Tuesday.
The benchmark Shanghai Composite index lost 1.62%, closing at 3695.76. On Tuesday the index rose 3.69%.
Losses were led by utility and technology stocks. Industrials, down just 1.15%, outperformed.
Month-to-date the index is up 0.84%, having fallen by 14.4% in July.
Large-cap stocks fared worse than their smaller peers with the SSE 50 and CSI 300 finishing down 1.83% and 2.06% respectively.
Small-cap stocks were the relative overachievers on what was an otherwise lousy day for stocks. The CSI 500 and Shenzhen Composite finished down around 1%.
Elsewhere the ChiNext index, China’s answer to the US Nasdaq, fell 1.73%.