China shares close lower Monday on new PMI data

08:41, February 02, 2010      

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Chinese equities closed lower Monday on the latest manufacturing sector figures, led by iron and steel and brokerage large-cap shares.

The Purchasing Managers' Index (PMI) of China's manufacturing sector stood at 55.8 percent in January, down 0.8 percentage points from the previous month, the China Federation of Logistics and Purchasing said on Monday.

"This shows that it still takes time for the economy to stabilize and see a full-fledged recovery," Zhang Yunpeng, an analyst with Beijing-based Huarong Securities, told Xinhua Monday.

The benchmark Shanghai Composite Index shed 1.6 percent, or 47.93 points, to close at 2,941.36 points.

The Shenzhen Component Index edged down 1.22 percent, or 148.1 points, to close at 11,989.11 points.

Losers outnumbered gainers by 588 to 295 in Shanghai and 610 to 247 in Shenzhen.

China Unicom, the country's second largest telecom operator, lost 4.13 percent to 6.74 yuan (99 U.S. cents). The company said Saturday that its net profit might have dropped by more than 50 percent in 2009, as the one-time gain from the sale of a mobile business laid a higher comparison basis for 2008.

Source: Xinhua
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