The Shanghai Composite Index inched down 0.10 percent or 2.42 points to close at 2,375.77 points today on transaction value of 76.90 billion yuan.

The Shenzhen Component Index was down 0.51 percent or 51.48 points to close at 10,038.95 points today on transaction value of 68.13 billion yuan.

Both bourses opened lower, and retreated in the morning session. The non-ferrous metals, media and cultural sectors underperformed.

Top Headlines:

HSBC published its preliminary purchasing managers' index for March. The index hit a four-month low of 48.1, indicating weak new industrial orders and a downtrend in the output index.

Qu Hongbing, chief economist at HSBC China, said the four-month low  in the new orders sub-index reflected weak demand from both the domestic and foreign markets.

According to the Ministry of Commerce, it predicts the contribution of consumption in 2012 to GDP will surpass investments, becoming the largest economic growth driver in 10 years.

The ministry predicts consumption in the furniture, construction and decoration materials sectors will grow at 30 percent in 2012.

China published the 12th Five-Year Plan for the coal sector, targeting supply of 4.2 billion tons by the end of the five year period, including domestic production of 4.05 billion tons. Additional coal output per year is forecast to hit 170 million tons, China plans to develop coal resources in the western region.

The State Council approved the 12th Five-Year Plan for the promotion of growth in the rortheast region, and the country is planning an urbanization rate of 60 percent for this region.

The country plans to add 7.5 million new job positions for the region and limit the unemployment rate to below five percent, in addition to the construction of 3.1 million affordable homes.

Equity Movers:

Led by Inner Mongolia Baotou Steel Rare Earth Group Hi tech (600111, 66.45, -5.48%), Xiamen Tngsten (600549, 45.25, -5.28%) and China Nonferrous Metal Industry’s Foreign Engineering and Construction (000758, 24.17, -5.03%), the non-ferrous metals sector retreated today.

A number of financials rebounded in the afternoon, with CITIC Bank (601998, 4.52, +2.494%), Sinolink Securities (600109, 12.13, +2.536%) and Guoyuan Securities (000728, 10.30, +1.678%) up by more than 1.5 percent today.

Industrial and Commercial Bank of China (601398, 4.34, 0.70%), Agricultural Bank of China (601288, 2.65, +1.15%) and Bank of Communication (601328, 4.74, -0.21%) posted gains today.

Poly Real Estate (600048, 10.75, +1.034 %), Gemdale Corporation (600383, 5.91, +1.199%) and China Vanke (000002, 8.23 +0.61%) rebounded after falling for three days.

Both Sinopec (600028, 7.45, -0.931%) and PetroChina (601857, 10.05, -0.495%) edged down today.

A number of spirits makers rebounded from a two-day drop, with Qinghai Huzhu Barley Wine (002646, 25.65, -5.992%)and Jiugui Liquor (000799, 31.08 +1.139%) outperforming.

Shares of Shanghai Cimic Tile surged by its daily limits for the sixth day as one subsidiary found new porcelain clay reserves of 31.58 million tons.