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China stocks drop despite improving economic data


08:39, November 23, 2012

BEIJING, Nov. 22 (Xinhua) -- Chinese stocks failed to extend a strong rebound the previous day on Thursday, although a survey showed the country's manufacturing activity expanded for the first time in more than a year.

Preliminary data released by HSBC on Thursday showed China's manufacturing Purchasing Manager's Index climbed to 50.4 in November, the first reading above the expansion-indicating 50-point level in 13 months, while rising from a final reading of 49.5 in October.

The news, however, failed to lift the markets. The benchmark Shanghai Composite Index fell 0.72 percent, or 14.71 points, to 2,015.61. The Shenzhen Component Index closed at 8,047.52, down 103.32 points, or 1.27 percent.

Most shares fell on the two bourses, with losers outnumbering gainers by 806 to 140 in Shanghai and by 1,233 to 267 in Shenzhen. Combined turnover shrank to 67.6 billion yuan (10.73 billion U.S. dollars) from 79.9 billion yuan the previous day.

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