China’s stocks fell, with a gauge of smaller companies posting the biggest drop on record, amid concern the government’s plan to restart initial public offerings will divert funds from existing equities.
Most Chinese stocks fell after a manufacturing gauge declined and on speculation the government will announce property curbs. A rally for energy shares almost erased a loss of as much as 1.3 percent for the benchmark index.
China’s stocks rose, with a gauge of utilities surging the most in two years, on speculation the government will introduce measures to boost economic growth at a Communist Party meeting and after the largest oil companies reported increased profit.
Chinese stocks rose after a unit of nation’s sovereign wealth fund boosted its stakes in the biggest lenders, overshadowing concern regulators will resume approving initial public offerings next month.
Templeton Asset Management Ltd. sold about HK$1.64 billion ($211.5 million) of PetroChina Co. stock after the energy company said four of its managers and a former chairman were being investigated for corruption.
China’s stocks rose to a 10-week high after Premier Li Keqiang said he’s confident the country will achieve this year’s economic goals and Goldman Sachs Group Inc. boosted its forecast for the nation’s expansion in 2013.