1st Ld-Writethru: China stocks head lower on weak data
Xinhua, February 2, 2015 Adjust font size:
Chinese shares dropped Monday after data over the weekend showed Chinese manufacturing activity continued to wane in January.
The benchmark Shanghai Composite Index went down 2.56 percent to end at 3,128.3 points, while the Shenzhen Component Index fell 1.68 percent to end at 10,963.14 points.
Total turnover on the two bourses came in at 466.7 billion yuan (76 billion U.S. dollars).
Li Hai, an analyst with CITIC Securities, said the weaker-than-expected manufacturing data was the major drag on market sentiment.
The manufacturing purchasing managers' index (PMI), a key measure of factory activity in China, posted at 49.8 in January, falling for four consecutive months in a sign of still lukewarm strength in the economy.
Securities and insurance sectors were among the biggest losers. Guoyuan Securities slumped 6.76 percent to end the day at 29.37 yuan per share, and China Life plunged 6.65 percent to 33.68 yuan.
Minsheng Bank gave up 3.17 percent after Saturday's announcement that its president, Mao Xiaofeng, has requested resignation for "personal reasons." Rumors have circulated that Mao had been taken away for questioning by discipline inspection authorities. Endi