Shanghai Composite Index reverses gains after weak manufacturing data
SHANGHAI Dec 1 (Reuters) - The Shanghai Composite Index lost 0.1 percent, to 2,679.57 when markets resumed trading for the afternoon session, reversing morning gains after weak manufacturing data sapped initial enthusiasm.
Chinese markets have closed higher every day for the preceding seven trading days, and rallied strongly again on Monday morning, with banking stocks leading a charge that saw the index up as much as 1.4 percent during the morning session.
Regulators on Sunday announced the circulation of a draft plan to launch deposit insurance in China, and bank shares initially rallied strongly in response before giving up some gains. (Reporting by Pete Sweeney and Shanghai newsroom; Editing by Biju Dwarakanath)
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