Chinese shares hit by weak factory data

Chinese shares have continued their recent slide after fresh data provided further evidence of a slowdown in the country's economy. An official survey indicated that manufacturing activity in China contracted at its fastest pace in three years in August. The mainland's benchmark Shanghai Composite share index fell by 2% to 3,142.14. In Hong Kong, the Hang Seng index dropped 0.8% to 21,493.97. The slowing of the world's second largest economy and the extreme volatility on the mainland stock markets have weighed on global equities over the past few weeks. Chinese mainland stocks have been on a steep downward slide over the past few months, shedding almost 40% since June, according to BBC.

-Shuvo-