BEIJING, (PNA/Xinhua) — Chinese shares dropped for a fourth consecutive day on Friday to hit their lowest level in seven weeks.
The benchmark Shanghai Composite Index dipped 1.45 percent, or 31.37 points, to close at 2,132.95. The Shenzhen Component Index fell 1.26 percent, or 106.91 points, to close at 8,379.61.
Combined turnover on the two bourses grew to 210.57 billion yuan (34.33 billion U.S. dollars) from 186.3 billion yuan the previous trading day.
Investor confidence was low despite HSBC’s latest data pointing to an improvement in China’s manufacturing activities.
The HSBC Flash Manufacturing Purchasing Managers’ Index for October rose to a seven-month high of 50.9, the bank said in a Thursday report.
Most heavyweights posted losses on Friday.
PetroChina, the country’s largest oil and gas producer, fell 1.18 percent to 7.51 yuan per share, while Sinopec, China’s largest oil refiner, dipped 1.16 percent to 4.27 yuan.
The Industrial and Commercial Bank of China, the largest commercial bank in the country by market value, dropped 0.79 percent to 3.78 yuan. China Vanke, a leading property developer, fell by 0.67 percent to 8.9 yuan.
The brewing sector and cement producers were among the biggest losers, with sub-indices for those industries down 3.32 percent and 2.97 percent respectively.
Kweichow Moutai Co., a leading liquor maker in China, plunged 4.86 percent to 136.73 yuan, while another industry leader Wuliangye dropped 2.13 percent to 17.47 yuan.
Anhui Conch Cement Company fell 2.51 percent to 14.76 yuan and Guangdong Tapai Group lost 2.94 percent to 6.28 yuan.