China stocks close lower for third straight dayChina stocks close lower for third straight day

Chinese shares fell again Wednesday for the third day in a row amid concerns over a slowing economy, according to dpa.The

benchmark Shanghai Composite Index opened down 4.39 per cent Wednesday morning and rebounded slightly by midday before closing down 0.2 per cent.The Shenzhen Component Index closed down 1.06 percent while the ChiNext Index, which tracks tech and other growth companies, fell 1.82 per cent.The Shanghai index had recently lost all the gains it made in 2015,

which sparked a round of panic selling by investors around the world.The purchasing managers index (PMI) dropped from 47.8 in July to 47.3 in August, well below the 50 benchmark that separates growth from contraction, as measured by managers' purchasing intentions.