China stocks fell, halting a six-week rally for the benchmark index that’s the longest since 2012, amid concern the slowing economy is hurting profit growth.
Baoshan Iron & Steel Co., the largest-listed steelmaker, lost 2.6 percent after reporting a 14 percent drop in first-half profit. BYD Co., the electric automaker partially owned by Warren Buffett’s Berkshire Hathaway Inc., dropped the most in six weeks after reporting a 16 percent slump in net income. China CNR Corp. gained 1 percent after Premier Li Keqiang said the industry should seek private funds for investment.
The Shanghai Composite Index (SHCOMP) fell 0.3 percent to 2,233.47 at 10:03 a.m. local time. Concerns about the strength of the recovery have grown after data this month showed the weakest credit growth since 2008, an unexpected slowdown in industrial output and home prices slumping in more cities.