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The Associated Press September 1, 2010, 3:52AM ET

China shares fall despite manufacturing growth

Chinese shares fell Wednesday despite better manufacturing data for August, as concerns about slowing economic growth lingered.

The benchmark Shanghai Composite Index slipped 15.92 points, or 0.6 percent, to close at 2,622.88. The Shenzhen Composite Index for China's smaller second exchange fell 1.3 percent to 1,151.17.

China's manufacturing growth posted the first gain in four months. A state-affiliated group reported that the country's purchasing managers index, or PMI, rose to 51.7 in August from 51.2 in July. But analysts said it could not dispel market worries over the economy.

"The slight recovery will not change the economy from slowing down, if you look at it both from external and internal demands," said Zhang Xiang, an analyst for Guodu Securities in Beijing.

Zhang said the market also fell on profit-taking from a recent rally of smaller shares.

Real estate developers lost ground after a banking regulatory official said the regulator will continue to combat property speculation. COFCO Property Co. lost 1.6 percent to 7.38 yuan, while Poly Real Estate Group, China's second-biggest developer, shed 1.3 percent to 11.85 yuan.

Airlines fell again as last week's air crash of Henan Airlines hit the industry. Air China Ltd., China's biggest international carrier, and rival China Southern Airlines Co., both fell 3.6 percent, -- Air China to 10.83 yuan, while China Southern to 6.88 yuan.

Gold miners rose on higher bullion prices. Shandong Gold Mining Co. added 2 percent to 43.44 yuan, while Zijin Mining Co. gained 0.6 percent to 6.54 yuan.

In currency markets, the yuan weakened to 6.8112 to the U.S. dollar from Tuesday's close of 6.8091.


Associated Press researcher Bonnie Cao in Beijing contributed to this report.

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