Stocks drop most in two weeks, hit by falling commodities

Chinese mainland stocks fell the most in two weeks as the slowing economy and slumping commodity prices dragged down profits of some of the nation's largest companies including PetroChina Co.

The Shanghai Composite Index slid 1.6 percent, led by energy, materials and financial companies. PetroChina declined for a fourth day after posting its weakest annual profit since 1999 and crude oil extended its retreat below $40 a barrel. CITIC Securities Co paced losses for brokerages after China International Capital Corp cut its 2016 profit estimates.

Earnings, especially those of industrial companies, are not expected to pick up unless economic growth regains momentum, according to Xufunds Investment Management Co. The most recent data show industrial companies' profits declined 4.7 percent in December. The nation's monetary and fiscal stimulus have yet to spur a growth rebound, based on the earliest private economic indicators for March.