SHANGHAI - Stocks on the Chinese mainland fell for the first time in three days as a drop in US durable-goods orders and a stalemate over the US debt limit boosted concerns global economic growth will falter.

Industrial & Commercial Bank of China Ltd (ICBC) sank to a six-month low as regulators tightened oversight of wealth-management services.

Anhui Conch Cement Co, the nation's largest producer of the building material, dropped the most in more than two months after the Shanghai Securities News reported that cement companies are cutting prices amid slumping demand.

China Shipping Container Line Co slid 2.3 percent after saying it probably posted a first-half net loss.

The Shanghai Composite Index slid 0.5 percent to 2708.78, following a two-day, 1.3 percent increase. The CSI 300 Index sank 0.6 percent to 2981.

"The global uncertainty added to bearish sentiment in the market, along with concerns over China's fundamental growth pattern," said Hao Kang, a Beijing-based fund manager at ICBC Credit Suisse Asset Management Co, which oversees about $8.7 billion.

"The government's tone on tightening and fighting inflation hasn't changed and that would remain as downward pressure on stocks."

The Shanghai Composite Index pared a decline of as much as 1.4 percent in the afternoon session after the Xinhua News Agency reported that PetroChina Co's first-half daily oil and natural gas output overseas rose 30,000 tons from a year earlier.

PetroChina closed 0.7 percent higher at 10.80 yuan ($1.66) after sliding as much as 2.1 percent.

Financial companies, including banks, were the biggest drags on the CSI 300 Index on Thursday. China's banking regulator tightened oversight of wealth-management services, banning practices such as buying one another's products that might help lenders bypass restrictions on deposit rates and loan quotas.

Banks, which face curbs on deposit rates, shouldn't use wealth-management products to pay more for funds, the China Banking Regulatory Commission (CBRC) said in a statement on its website.

ICBC lost 1.9 percent to 4.20 yuan, its lowest close since Jan 26. China Construction Bank Corp, the second-biggest lender, retreated 1.1 percent to 4.66 yuan.

The regulator also urged banks to take steps to control credit risks involved with road and railway projects. State-controlled entities should use government funds as collateral for road projects, instead of the right to collect tolls, according to the statement.

Builders can't borrow more to repay existing loans or make interest payments, the CBRC said.

Anhui Conch slumped 3.7 percent, the most since May 16, to 25.23 yuan.

Bloomberg News