China stocks slump as weak PMIs heighten growth fears; HK also down
* CSI300 -1.2 pct; SSEC -1.1 pct; HSI -0.5 pct
* China manufacturing data contracts at the fastest pace in 3 yrs
* Investors shrug off fresh policies to support real estate, M&A
SHANGHAI, Sept 1 (Reuters) - Chinese stocks gyrated wildly on Tuesday, with main indexes tumbling 5 percent at one point as weak manufacturing data laid bare the daunting challenge faced by Beijing as it races to revive a stumbling economy.
At the end of the morning session, the markets had managed a recovery of sorts, with the CSI300 index off 1.2 percent to 3,324.83 points, while the Shanghai Composite Index was off 1.1 percent, to 3,172.03 points.
Hong Kong stocks also fell, weighed down by weak retail sales data, and sluggish performance on Wall Street.
Markets, which have endured a torrid August month, were hit hard again on renewed fears of a China-led slowdown in global growth.
Those concerns played out once more after surveys showed a further loss of momentum in China's giant economy.
Activity in China's manufacturing sector contracted at its fastest pace in three years in August, an official survey showed on Tuesday, reinforcing fears of a sharper slowdown in the world's second-largest economy. A separate private survey on manufacturing was equally downbeat. Continuación...