Benchmark down for first time in four days
SHANGHAI - China's stocks fell on Tuesday, with the benchmark index dropping for the first time in four days, as smaller-than-estimated growth in personal incomes in the United States heightened concern the economic recovery may falter.
China Cosco Holdings Co and China Shipping Development Co slid at least 1.1 percent on concern a slowing economy will reduce transport demand. China Vanke Co and Poly Real Estate Group Co paced declines for property developers on speculation the government will boost housing supply to curb price increases.
"Weak external demand is a big factor that will hamper China's economic growth for the rest of the year," said Wu Kan, Shanghai-based fund manager at Dazhong Insurance Co, which oversees $285 million.
