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Hong Kong shares tumble 2.58pc, Hang Seng Index fell 620.00 points
Parvez Jabri
01 Dec, 2014
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Copyright AFP (Agence France-Presse), 2014
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![](https://i.brecorder.com/images/2014/12/asian-market03.jpg">HONG KONG: Hong Kong shares tumbled 2.58 percent Monday after another poor reading on Chinese manufacturing activity that highlights ongoing weakness in the world's number two economy.</P><P>The Hang Seng Index fell 620.00 points to 23,367.45 on turnover of HK$105.14 billion ($13.57 billion).</P><P>China's official Purchasing Managers' Index (PMI) of manufacturing eased to 50.3 last month, lower than the 50.8 seen in October and the weakest since March. A figure above 50 signals expansion in the sector, while anything below indicates contraction.</P><P>The figure is the latest pointing to a slowdown in the world's number two economy and follows a surprise move by the central People's Bank of China on November 21 to cut interest rates.</P><P>HSBC's final PMI for November came in at the 50.0 break-even point dividing expansion and contraction, matching a preliminary figure released last month. </P><P>Adding to worries about the economy, the independent China Index Academy said Sunday that house prices in the country's 100 major cities fell on a monthly basis for the seventh straight month in November.</P><P>)
