Stocks retreat as financial and resources companies slump

Market ripe for a decline after rising for four consecutive sessions

Shanghai stocks retreated today after gaining for four consecutive sessions, as financial and resources shares slumped.

The Shanghai Composite Index fell by 0.59 percent to close at 3,365.50 points.

Huatai Securities Co Ltd shed 2.18 percent to 22.92 yuan (US$3.53) and Guotai Junan Securities Co Ltd fell 2.04 percent to 21.09 yuan. 

Banks also declined, with Ping An Bank Co Ltd shedding 2.22 percent to 11.44 yuan and China Merchants Bank Co Ltd losing 1.97 percent to  26.35 yuan.

Coal companies also ended lower, with China Shenhua Energy Company Limited falling 3.22 percent to 20.69 yuan, and Shanxi Xishan Coal and Electricity Power losing 3.43 percent to 11.56 yuan.

Non-ferrous metal counters retreated from earlier rallies. Zijin Mining Group Co Ltd dropped 4.57 percent to 4.18 yuan and China Northern Rare Earth Gp H-T Co Ltd fell 3.30 percent.

Iron and steel companies such as Liuzhou Iron & Steel Co Ltd shed 3.48 percent and Xinyu Iron & Steel Co Ltd reversed 4.53 percent.

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