HONG KONG (MarketWatch) — Mainland Chinese stocks retreated Tuesday morning after three straight sessions of gains, with the Shanghai Composite Index down 0.4%. The losses came as China’s Securities Regulatory Commission on Monday denied a news report by Caijing that that the securities regulator is studying a plan to wind down a state rescue fund. The previous dat, the Shanghai Composite had reversed earlier losses after the statement and closed 0.9% higher. In Hong Kong, meanwhile, the Hang Seng Index advanced 0.5% after slight losses on Monday. The mainland-China-tracking Hang Seng China Enterprises Index rose 0.6%. Telecoms giant China Mobile Ltd. advanced 2.4%, adding to previous gains, after the company said its 4G subscribers jumped more than 11% in June from the previous month. Other, rival mobile carriers gained even more, as China Unicom Hong Kong Ltd. soared 7.3%, after the company said its 3G and 4G users increased by 5 million last month. China Telecom Corp. climbed 5.9%, as its 3G and 4G users rose by 1.82 million in June. Elsewhere on the market, life insurer AIA Group improved by 1.1%, with the company scheduled to release its semi-annual results on Friday. Tencent Holdings Ltd. edged 0.2% higher, adding to recent gains.
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