China stocks fall on profit booking, weak manufacturing data

Mainland China share market closed slight down on Monday, 01 December 2014, pressured by profit booking after strong rally last week and signs that China's economy continues to weaken. The Shanghai Composite Index fell 2.68 points, or 0.1%, to 2680.16 at the close. Full-day turnover was strong, with 446.79 billion shares changed hand worth of 401.12 billion yuan. The benchmark measure advanced 7.9% last week, after the central bank unexpectedly lowered deposit and lending rates to support an economy.

The two gauge of China's factory activity indicated manufacturing had lost momentum in November despite a recent cut in interest rates, in a new sign an economic slowdown is deepening. China's official measure of manufacturing activity slipped to its lowest showing since March while a private gauge compiled by HSBC and research firm Markit touched a six-month low. China's official PMI index fell to 50.3 in November compared with 50.8 in October, the National Bureau of Statistics said in a statement Monday. The competing PMI released by HSBC and data provider Markit came in at 50.0 in November compared to 50.4 in October, HSBC Holdings PLC said Monday.

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