HONG KONG (MarketWatch) — Chinese stocks retreated slightly after four day of gains, as the Shanghai Composite Index nudged 0.1% lower, while in Hong Kong, the Hang Seng Index dropped 0.9%, and the mainland-China-tracking Hang Seng China Enterprises Index declined 1.5%. Chinese mobile carriers pulled back after their previous rally, as China Mobile Ltd. fell 2.5% following a 4.1% surge on Tuesday, and smaller rivals China Telecom Corp. and China Unicom Hong Kong Ltd. were off 3% and 1.4% respectively. Oil shares were mostly weak after China’s top economic planner lowered the prices for refined oil Tuesday night, marking the sixth cut this year. China’s top oil refiner China Petroleum & Chemical Corp. dropped 1.3%, and Sinopec Shanghai Petrochemical Co. lost 1.7%. And with crude-oil futures pulling back in early Asian trade, China’s largest oil producer PetroChina Co. sagged 1.1%, and Kunlun Energy Co. shed 0.4%. Mainland Chinese property developer Glorious Property Holdings Ltd. plunged 9.4% despite the company saying it had settled a case involving a trust in Hong Kong court. Among other market movers, Chinese nuclear-power producer CGN Power Co. gave up 2.4% after reports said the company may have installed potentially unsafe equipment at its Taishan power plant, which is to be launched next year.
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