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MAINLAND stocks fell from a record as gains this year were judged to be excessive relative to earnings growth potential. China Minsheng Banking Corp led the decline.
Inner Mongolia Yili Industrial Group Co led consumer stocks higher after a government report showed the nation's retail sales increased last month. Bank of Communications Ltd, the mainland's sixth largest, surged 79 percent on its debut in Shanghai, Bloomberg reported.
"There is research showing some investment funds including private funds have been selling to lock in profit,'' said Fan Dizhao, who helps manage the equivalent of US$1.8 billion at Guotai Asset Management Co in Shanghai. "April's retail sales figure is pretty good and supports the long-term stable trend of spending.''
Shanghai's foreign-currency shares rose for 10 straight days, the longest winning streak in more than a year, as local investors bet the stocks will be merged with their more expensive yuan-denominated counterparts.
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