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Chinese shares down on fears of further market volatility | Chinese shares down on fears of further market volatility |
(about 5 hours later) | |
Chinese shares have slipped again ahead of economic data expected to point to a further slowdown in the world's second-largest economy. | |
The benchmark Shanghai Composite closed 0.8% lower, at 3,205.99, after dipping by almost 3% in early trade. | |
Hong Kong's Hang Seng was down 0.2% at 21,612.54. | |
Chinese shares have tumbled dramatically in the past two weeks, sparking turmoil in stock markets around the world. | |
Monday's slide, following a brief recovery at the end of last week, has dashed hopes that Chinese markets have turned the corner. | |
Investor sentiment was also hampered by media reports that Chinese authorities had decided to intervene less in the stock market. | |
Recent volatility has been marked by various efforts by Beijing to stabilise markets and calm traders. | |
China has also cracked down on people accused of spreading online rumours worsening last week's sharp losses. | |
According to state news agency Xinhua, a journalist and stock market officials are among those arrested. | |
Tuesday will see the release of an important monthly index gauging the country's factory output. | |
The purchasing managers' index (PMI) will give another pointer as to whether the world's second largest economy is still slowing down. | |
Weak Japan data | |
Elsewhere in Asia, Japan's benchmark Nikkei 225 closed 1.3% down at 18,890.48. | |
Traders in Tokyo were also taking in some weaker-than-expected economic data on the Japanese economy. | Traders in Tokyo were also taking in some weaker-than-expected economic data on the Japanese economy. |
The country's factory output was down by 0.6% in July compared with the previous month. | |
Japan's exports have been suffering from falling demand in neighbouring China. | Japan's exports have been suffering from falling demand in neighbouring China. |
South Korea also had fresh economic data to digest, struggling with the same problem as Japan. | South Korea also had fresh economic data to digest, struggling with the same problem as Japan. |
Industrial output fell as exports in the region's fourth largest economy continued to lag because of sluggish global demand. | |
The country's benchmark Kospi index finished flat at 1,941.49 points. | |
Polls show business sentiment is pessimistic about the outlook for September, with no expectations for a quick recovery for the crucial export sector. | |
Australia's S&P/ASX 200 followed the region's trend and closed 1.1% lower at 5,207.00 points. |