China's stock market experienced its biggest decline in six weeks.

China's market, led by energy and financial companies, continue to slid down on Thursday amid the existence of growth prospects.

PetroChina, largest oil company in the nation, reported the biggest drop in two months. Industrial Commercial Bank of China Ltd., largest creditor in China, dropped about 1.7 percent in shares value. Tsingtao Brewery Co. and SAIC Motor Corp. also decreased to more than 2 percent, according to data compiled on Thursday.

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Other energy companies also experienced a 1.9 percent drop in the CSI 300. The energy consumer group experienced the most losses among the other industries.

Overall, the Shanghai Composite Index or SHCOMP slid another 1.3 percent. It is considered as the biggest decline since June 19.

China's losing streak came after the 9.9 percent heightened rally in the trading market from June 19 to Aug. 4, which created a record for highest trade levels since December. It is the biggest rise in the global equity indexes.

However, Tom DeMark, developer of market-timing indicators, said investors should expect the rally to end in the next few days and an even greater fall of 10 percent this week.

Nonetheless, China still ranks first among the 45 emerging and first-world countries in DeMark's equity indexes' performance during the past six weeks. The US$3.5 trillion Chinese stock market showed signed of monetary growth. It is believed that the government spending and manufacturing revenues can bring back the healthy trading in China.

Wei Wei, analyst from West China Securities Co., said that they are expecting Friday's trade to be positive. He believes the investor rally is just temporary and the gains will continue starting Friday. 

TagsChinese Stocks