China stocks fall for the first time in seven days

Mainland China share market declined on Wednesday, 30 July 2014, snapping six days long winning streak, as market participants withdrew some profit off the table amid concerns recent gain were excessive on comparing valuations and earnings prospects. The benchmark Shanghai Composite dropped 1.95 points to close at 2181.24, after hitting an intraday peak of 2194.57, the highest level since 13 December 2013. Turnover declined to 149.57 billion yuan from yesterday's 159.28 billion yuan.

The Shanghai index surged 6.5% in July. The gain was largely supported by optimism over the world's second-largest economy, thanks to better-than-expected China July HSBC flash manufacturing index, lower financing costs, loosening curbs on property policies, 18% surge in industrial profits in June and the coming investment connection between the Shanghai and Hong Kong stock markets.

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