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Weak PMI sends China stocks lower

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decline_7 May 24, 2012 (Chinavestor) Preliminary data suggests China's manufacturing activity may have been contracting for a seventh months in a row, news that sent stocks lower in Asia on Thursday. The Shanghai Composite Index (SHA:000001) fell 12.5 points or 0.5% while the Hang Seng Index (INDEXHANGSENG:.HSI) skid 119.8 points or 0.6%. The decline was more universal in Shanghai where stocks that fell outnumbered those that advanced four to one.

China COSCO (HKG:1919), the largest container shipping lane in China, rose the most among 42 components of the Hang Seng Index (INDEXHANGSENG:.HSI) on Thursday, building on a recovery. The stock advanced over 10% since hitting 2012 lows on May 18. Related article: How long can SSW fight trends?

But Chinese telecoms continued to suffer as investors shun them on low profit growth due to high 3G costs. China Unicom (HKG:0762) fell 2.4% while China Mobile (HKG:0941) declined 2.32%.

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