CHINESE stocks wiped out early gains and headed downward to close at the lowest point in over three years yesterday, as investors remained cautious over growth concerns in the world’s second-largest economy and the absence of more stimulus measures.

Opening slightly higher at 2,060.61, the benchmark Shanghai Composite Index erased early gains and fell 15.5 points, or 0.75 percent, to close at 2,043.65, marking the lowest level since February 2009.

Giving up a slight rally of 0.15 percent at opening, the Shenzhen Component Index slumped 117.84 points, or 1.41 percent, to close at 8,243.83.

Combined turnover stood at 101.06 billion yuan (US$15.94 billion), compared to 101.03 billion yuan Monday.

Losers outnumbered gainers by 776 to 157 in Shanghai and 1,071 to 395 in Shenzhen.

A slew of economic data will be released next week and investors were unsure whether the economy was stabilizing in August, as the country’s manufacturing activity fell to a nine-month low in August.

Liquor maker Kweichow Moutai Co. bucked the losing trend and rose 6.22 percent to 233.43 yuan after it announced late Monday that it would raise wholesale prices on between 20 to 30 percent of its products.

(Xinhua)