China stocks close mixed on slowing manufacturing growth
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Xinhua, November 1, 2011
Chinese stock markets closed mixed after data released Tuesday showed that the country's manufacturing growth slowed in October.
The Purchasing Managers' Index (PMI) dropped to 50.4 percent in October after rising for two consecutive months, down 0.8 percentage point from September, the China Federation of Logistics and Purchasing (CFLP) said.
The Shanghai Composite Index edged up 0.07 percent, or 1.77 points, to close at 2,470.02.
The Shenzhen Component Index fell 39.21 points, or 0.37 percent, to finish at 10,441.7.
Combined turnover stood at 167.1 billion yuan (26.4 billion U.S. dollars).
Losers outnumbered gainers 503 to 394 in Shanghai, and 738 to 588 in Shenzhen.
The CFLP report said the PMI growth decline indicated the country's economic growth might continue to slow down in the fourth quarter.
The performances of insurance and 3G-related shares outdid those of real estate and cement.
China's largest life insurer, China Life, rose 2.33 percent to close at 17.1 yuan per share, while China Pacific Insurance Co., Ltd. rose 2.83 percent to 20.35 yuan.
3G-related stocks rose after a senior expert said Monday the country will spur the growth of mobile Internet. Shanghai-listed China United Network Communications Ltd. closed 1.1 percent higher at 5.5 yuan.
Bucking the trend, real estate shares dropped as housing sales in major cities slumped in autumn. China Vanke, the country's largest property developer, dropped 3 percent to 7.76 yuan; Poly Real Estate, the second largest, also fell 3.49 percent to 9.95 yuan.
Cement shares fell across the board. Jiangxi Wannianqing Cement Co., Ltd. fell 1.3 percent to 14.44 yuan.
