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1st LD-Writethru: Chinese shares edge down on PMI data

Xinhua, May 3, 2017 Adjust font size:

Chinese stocks continued to edge down Wednesday, as weakening manufacturing data kept investors' appetites in check.

The benchmark Shanghai Composite Index dipped 0.27 percent to end the day at 3,135.35 points, down for a second consecutive day.

The smaller Shenzhen Component Index closed 0.39 percent lower at 10,184.14 points. The ChiNext Index, China's NASDAQ-style board of growth enterprises, ended 0.56 percent lower to close at 1,840.45 points.

Manufacturing activity continued to expand in April, although at a slower pace. Some analysts have cautioned that leading economic indicators may slow in the coming weeks and listed companies will face pressure to achieve their profit targets.

The Caixin China General Manufacturing Purchasing Managers' Index (PMI) released Tuesday came in at 50.3 last month, down from 51.2 in March.

Many shares related to Xiongan New Area tumbled Wednesday as investors cashed in profits after a strong rally across the board Tuesday. Xuanhua Construction Machinery fell by the daily limit of 10 percent to 38.07 yuan (about 5.5 U.S. dollars).

Announced last month, Xiongan New Area, a "major historic and strategic choice" that will be "crucial for the millennium to come," raised enthusiasm over related stocks.

Shares related to aviation and the Belt and Road Initiative were up Wednesday, with China Southern Airlines rising 1.03 percent to 7.86 yuan per share and Xinjiang Tianshan Cement up by the daily limit of 10 percent to 16.06 yuan apiece. Endi