Shanghai shares end lower on fall in PMI
Shanghai stocks closed lower today amid falling energy shares and on weak investor sentiment following a drop in January's Purchasing Managers' Index.
The Shanghai Composite Index fell for the third day and ended 0.21 percent lower at 3,480.83 points.
Huaneng Power International lost 4.39 percent to 6.31 yuan and Changchun Gas Co sank 5.45 percent to 6.59 yuan. PetroChina lost 1.10 percent.
Trading sentiment also weakened after the National Bureau of Statistics said January's Purchasing Managers' Index fell 0.3 percent from a month ago to 51.3. The PMI, however, stayed in expansion mode for the 18th month in a row.
The market remained lukewarm as investors were still cautious to invest in equities ahead of the Chinese New Year holiday in February, Zhongzheng Securities Investment Information Co wrote in a note.
Consumer goods shares, however, rebounded, with Tsingtao Brewery Co Ltd advancing 2.44 percent to 39.89 yuan and Gree Electric Appliances Inc rising 2.93 percent to 55.94 yuan.