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Weak PMI, EU woes hurt stocks in Asia

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decline_6 April 23, 2012 (Chinavestor) Chinese stocks fell in Asia on Monday following slower preliminary PMI reading and fear that Europe is tired of fighting the debt crisis. The Hang Seng Index (INDEXHANGAENG:.HSI) fell 386.3 points or 1.9% in a broad decline. Only six components of the 42 member index advanced while the rest fell. A similar sell-off hit the mainland where the Shanghai Composite Index (SHA:000001) slipped 18.3 points or 0.8%.

Chinese stocks led the decline in Hong Kong where the Hang Seng China Enterprise Index (INDEXHANGSENG:.HSCEI), measuring the performance of Chinese stocks listed in Hong Kong, fell 2.2%, more than the mixed Hang Seng Index itself.

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All but one component of the 25 member Xinhua 25 China index fell, highlighting the fact that large cap Chinese stocks suffered. Aluminum Corp. of China (HKG:2600), the third largest aluminum maker in the world, fell the hardest on growth concerns. Mining, metal and resource stocks led the decline along with insurance and securities firms on market outlook concerns.



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