Beijing: Chinese stocks tumbled on Friday following release of weak economic data.
The benchmark Shanghai composite index plunged 3.04 percent in the morning trading session to close at 3552.82 points, reported Xinhua. The Shenzhen component index dived 3.79 percent to close at 12,107.99. The ChiNext index, tracking China’s Nasdaq-style board of growth enterprises, slumped 4.79 percent to end at 2,388.71. Companies in public transportation, communication, and highways lost the most. The shares plunged after the release of Caixin flash China general manufacturing PMI, which retreated to 47.1 in August from 47.8 in July, the lowest point since March 2009. The flash index is published on a monthly basis ahead of final PMI data, making it the earliest available indicator of manufacturing sector operating conditions in China. A reading above 50 indicates expansion, while a reading below that represents contraction.
