China shares tumble more than 5%

11:05 • 27.07.15
Economy

Shares across Asia were largely lower on Monday with China's main share index leading the fall.

Markets opened the week after losses on Wall Street on Friday as well as weak manufacturing data from the world's second largest economy, China.

The Shanghai Composite tumbled 5.5% to 3,849.39 leading the region's trend.

Profit at China's industrial firms dropped 0.3% in June from a year earlier, the National Bureau of Statistics said on Monday,

IG market strategist Bernard Aw cautioned in a note that the surprisingly weak manufacturing data "added to worries that there could be further weakness in the Chinese economy, after the patch of recent economic data showed signs of stability".

Hong Kong's Hang Seng index traded 2.6% down at 24,476.03 points.

Shares in Gome, one of China's biggest retailers, dropped by 13% on the Hang Seng after the company said it would buy retail assets from its controlling shareholder partly by issuing new shares.

In Japan, the country's benchmark Nikkei 225 index closed the first day of the week 1% down at 20,350.10 points.

Traders were looking ahead a week of earnings, with Canon and online broker Monex to report results on Monday.

Nissan, Panasonic and Nintendo will be among the big names with earnings out later in the week.

In South Korea, the Kospi index finished 0.4% down 2,038.81 points.

Daewoo Shipbuilding shares heavily fluctuated dropping as much as 4.5% and finishing the day 1.3% down on media reports suggesting poor earnings for its second quarter results.

Australian stocks beat the region's trend, closing slightly up by 0.3% at 5,582.40 points.

However, shares in mining company Atlas Iron fell 70% when the stock resumed trading after a four month-hiatus due to the collapse in iron ore prices.

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