Chinese shares hit 7-week low

Email|Print|Comments       twitter     facebook     Sina Microblog     reddit    

Chinese shares dropped for a fourth consecutive day on Friday to hit their lowest level in seven weeks.

The benchmark Shanghai Composite Index dipped 1.45 percent, or 31.37 points, to close at 2,132.95. The Shenzhen Component Index fell 1.26 percent, or 106.91 points, to close at 8,379.61.

Combined turnover on the two bourses grew to 210.57 billion yuan (34.33 billion U.S. dollars) from 186.3 billion yuan the previous trading day.

Investor confidence was low despite HSBC's latest data pointing to an improvement in China's manufacturing activities.

The HSBC Flash Manufacturing Purchasing Managers' Index for October rose to a seven-month high of 50.9, the bank said in a Thursday report.

Most heavyweights posted losses on Friday.

PetroChina, the country's largest oil and gas producer, fell 1.18 percent to 7.51 yuan per share, while Sinopec, China's largest oil refiner, dipped 1.16 percent to 4.27 yuan.

The Industrial and Commercial Bank of China, the largest commercial bank in the country by market value, dropped 0.79 percent to 3.78 yuan. China Vanke, a leading property developer, fell by 0.67 percent to 8.9 yuan.

The brewing sector and cement producers were among the biggest losers, with sub-indices for those industries down 3.32 percent and 2.97 percent respectively.

Kweichow Moutai Co., a leading liquor maker in China, plunged 4.86 percent to 136.73 yuan, while another industry leader Wuliangye dropped 2.13 percent to 17.47 yuan.

Anhui Conch Cement Company fell 2.51 percent to 14.76 yuan and Guangdong Tapai Group lost 2.94 percent to 6.28 yuan.

• Chinese shares rise as central gov't stresses reform
• Chinese shares close higher as holiday approaches
• Chinese shares close higher on upbeat manufacturing data
• Chinese shares end mixed ahead of holiday
• Chinese shares fall over FDI data

We Recommend

• Low wages Indian migrant laborers
• Five fighters in flight training
  
• London mayor hails free trade, subway system on China tour
• Different eye catching shows at housing fairs in China
• Special family portraits call attention to left-behind children
  
• Migrant children’s pain and joy in city
• Lingerie show dazzles Wuhan Motor Show 2013
• Running in fun customs at Beijing Int'l Marathon
• Weekly Sports Photos