Shanghai shares drop on weak brokers and coal miners

Shanghai stocks edged down 0.49 percent to 2229.86 points in midday trading, due to the weak performance of blue chips. Falling brokerage and coal shares led to the decline.

Weakness in recent credit data and the HSBC Flash China Manufacturing PMI resulted in the liquidation of brokerage stocks.

Industrial Securities lost 2.26 percent to 10.08 yuan, while The Pacific Securities decreased 1.79 percent to 8.42 yuan.

Newest China-Taiyuan Coal Transaction Price Index suggests a steady decline in coal trading price since the start of 2014.

Wintime Energy dropped 4.48 percent to 4.90 yuan, while Anyuan Coal Industry was down 3.44 percent to 4.77 yuan.