Equities nosedive on sluggish manufacturing gauge
By Irene Shen | China Daily | Updated: 2011-09-23 07:48
SHANGHAI - China's stocks fell by the most in six weeks on Thursday, as a measure of manufacturing weakened and Credit Suisse Group AG said funding might be tightened for property developers.
China's manufacturing might shrink for a third month in September, the longest contraction since 2009, after a preliminary index of purchasing managers, released by HSBC Holdings Plc and Markit Economics, showed measures of export orders and output declined.
The preliminary reading of 49.4 compares with the final reading of 49.9 for August and 49.3 for July. A reading below 50 indicates a contraction.
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