By Zhang Shidong
Dec. 12 (Bloomberg) -- China’s stocks fell by the most in three weeks as retail sales grew at the slowest pace in nine months and a government official said growth in the world’s fourth-largest economy will cool further.
Sichuan Swellfun Co., the Chinese liquor-making partner of Diageo Plc, slid 7.6 percent, the most in a month. China Vanke Co., the nation’s biggest listed property developer, retreated 5.1 percent after the statistics bureau said home sales fell in the first 11 months. China Petroleum & Chemical Corp., Asia’s biggest oil refiner, lost 4.3 percent as slowing economic growth cut fuel demand and prices.
“It looks like the market has had a very bad reading of the recent economic data,” said Wang Peng, a fund manager at First Trust Fund Management Co. in Shanghai, which oversees the equivalent of $2.1 billion. “The concern about the economic slowdown remains.”
The CSI 300 Index, which tracks yuan-denominated A shares listed on China’s two exchanges, declined 85.96, or 4.2 percent, to 1,960.38 at the close, the most since Nov. 24. It slid 2.6 percent this week. Most markets fell across Asia today after Senate talks failed to secure agreement on a plan to rescue U.S. automakers, and U.S. jobless claims soared to a 26-year high.
To contact the reporter on this story: Zhang Shidong in Shanghai at szhang5@bloomberg.net
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