Sluggish manufacturing data pull down market
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Shanghai stock market failed to extend yesterday's gains and closed lower in the morning session today, as figures showed China's manufacturing posted the slowest growth pace in nine months in May.
The Shanghai Composite Index lost 0.25 percent to 2,736.72. Turnover remained sluggish at 42.44 billion yuan (US$6.54 billion).
The Purchasing Managers' Index was at 52 from 52.9 in April, the China Federation of Logistics and Purchasing said in an e-mailed statement today.
Big caps such as lenders, steel and coal makers weighed on the market in the early trading.
Industrial & Commercial Bank of China, the country's biggest lender, declined 1.32 percent to 4.50 yuan.
Investors' reluctance to participate in the market led to a tumble among brokerages.
Haitong Securities was down 0.99 percent to 8.97 yuan. Sinolink Securities skipped 1.51 percent to 33.93 yuan.
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