China stocks falls ahead of PMI data

Mainland China's stock market declined on Monday, 31 August 2015, amid talk that Beijing will halt its controversial market intervention. Stocks also fell on caution ahead of manufacturing PMI data. Most of the blue chip stocks dropped, with gauges tracking consumer, material and technology companies slid the most. The Shanghai Composite Index was down by as much as 3.7% during the day but recovered to close down 0.8% at 3,205.99. The gauge lost 12% this month after sliding 14% in July. The index was down more than 30% over the past three months despite government efforts to halt a tumble in prices. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 3.06%, or 56.52 points, to 1790.31. The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, lost 4.09%, or 85.26 points, to close at 1996.86.

Attention was on Beijing's official August purchasing manager's index (PMI) report due on Tuesday. The private Caixin/Markit August PMI, which tracks smaller companies, is also on tap Tuesday.

Powered by Capital Market - Live News