China market slumps after factory PMI hits 15-month low

Mainland China's stock market ended lower on Friday, 24 July 2015, as investors opted for withdrawing some gains off the table after strong rally in last six sessions, helped by government unprecedented intervention measures. Risk sentiments were also lessened by disappointing flash manufacturing PMI data. The benchmark Shanghai Composite Index dropped 53.01 points, or 1.29%, to finish at 4070.91 points. The Shenzhen Composite Index, which tracks stocks on China's second exchange, declined 1.27%, or 29.94 points, to 2322.71 points. The Shanghai Composite Index gained 2.9% for the week.

The preliminary Caixin China Manufacturing Purchasing Managers' Index, a gauge of nationwide manufacturing activity, fell to a 15-month low of 48.2 in July, compared with a final reading of 49.4 in June, Caixin Media Co. and research firm Markit said on Friday. A reading above 50 indicates expansion from the previous month, while a reading below 50 indicates contraction.

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