Chinese stocks end rising streak despite iPhone release

Chinese shares dropped on Wednesday after a seven-day rising streak, despite high expectations for iPhone-related stocks following Apple's latest release on Tuesday.

The benchmark Shanghai Composite Index slipped 0.35 percent to finish at 2,318.31 points, while the Shenzhen Component Index lost 0.52 percent to close at 8,158.6 points.

Total turnover on the two bourses also declined to 363.22 billion yuan (59.13 billion U.S. dollars) from 373.6 billion yuan the previous trading day.

Chinese shares fluctuated after opening on Wednesday as heavyweights were unexpectedly weak, triggering speculation about a potential market adjustment after continuous strong performance over the past two months.

China's stock market started a bull run in the beginning of July with the benchmark index jumping by around 15 percent, spurring debate about whether the tide had turned for Chinese stocks.

Shares related to manufacturing the iPhone 6, iPhone 6 Plus and Apple Watch were not exempt from the across-the-board declines on Wednesday in spite of Apple's new product release on Tuesday.

GoerTek Inc., an electro-acoustic device provider for Apple, dropped 2.61 percent to close at 27.95 yuan per share. Suzhou Anjie Technology Co., another company that supplies parts for the new iPhones, slipped 3.13 percent to finish at 36.56 yuan per share.

Two other indirect suppliers, Suzhou Jinfu New Material Co. and Roshow Technology Co., suspended trading on Wednesday due to reorganization.

In sharp contrast to the lackluster performance by heavyweights, the ChiNext Index, which tracks China's Nasdaq-style board of growth enterprises, rebounded to 1,504.91 points on Wednesday.