China stocks erase gains on slowdown concerns

Updated: 2012-08-24 16:07


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BEIJING -- Chinese stocks closed lower Friday, ending a rebound for two straight trading days over concerns for a further cooling growth in the world's second largest economy.

The benchmark Shanghai Composite Index moved down 0.99 percent, or 20.97 points, to close at 2,092.1.

The Shenzhen Component Index finished at 8,579.28, down 1.73 percent, or 151.27 points.

Market sentiments were weighed down after a survey released by HSBC Corp Thursday showed that China's manufacturing activity weakened in August despite government recent stimulus efforts.

The bank's preliminary China Manufacturing Purchasing Managers Index fell to a nine-month low of 47.8 in August on a scale on which numbers below 50 indicate a contraction.

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