the rally in chinese bank and brokerage stocks has fizzled out shares of stateowned financial institutions fell sharply in china’s stock market on wednesday following a big rise earlier in the week that was part of a wider selloff in the shares of stateowned enterprises dragging down china’s biggest stock indexes the shanghailisted shares of china citic bank which had risen by 15 between monday and tuesday closed down more than 6 leading the rout bank of china and agricultural bank of china both of which neared their alltime highs earlier this week lost more than 5 of their value the share price declines which were accompanied by similar drops in the shares of stateowned oil companies led to the shanghai composite index ending the day 115 lower