SHANGHAI Jan 5 (Reuters) – China shares reversed
early gains to close lower for a second-straight session on
Thursday, the lowest level since March 2009, as investors
unwound positions in growth-sensitive sectors after a survey
suggested growth remained subdued in the mainland.

The HSBC China services purchasing managers index (PMI) for
December, increasingly seen as a barometer of economic
conditions in the mainland, failed to cheer investors after it
pointed to sluggish growth in the sector.

The Shanghai Composite Index finished down 1 percent
at 2,148.5 points, with Poly Real Estate and Anhui
Conch Cement among its top drags.

Banks bucked the negative trend, with Shanghai Pudong
Development Bank Co Ltd leading strong gains in the
sector after it posted net profit in 2011 that rose 42.02
percent to 27.2 billion yuan ($4.32 billion).

Some investors bought into the sector, taking the report as
a sign that concerns over bad debts could have been overblown.

(Reporting by Clement Tan and Chen Yixin; Editing by Jacqueline
Wong)