SHANGHAI stocks slumped to a month low today, amid doubts over the sustainability of China's economic recovery, as well as tighter monetary policy after the central bank drained funds from the market.

The Shanghai Composite Index fell 1.4 percent to 2,293.34 points today, the lowest level since January 25.

Turnover was 105.9 billion yuan (US$16.8 billion).

"The preliminary reading of HSBC's purchasing manager index fell to the lowest in four months (in February). The market began to have doubts about (the strength of) the economic recovery," Haitong Securities Co said in a daily research note today.

"The benchmark index may extend the loss further in the short run. Investors should remain cautious," Haitong said.

China Merchants Bank also said in a research note today that there's no signal suggesting the index will stabilize in the short run.

Instead, it is expected to weaken further.

The People's Bank of China continued to tighten market liquidity by draining 5 billion yuan from the interbank market today through repurchase contracts.

The central bank withdrew 910 billion yuan last week - the biggest weekly amount ever - which signaled a tightening monetary stance to curb excessive funds and rising property prices.

The performances of lenders were mixed. The nation's biggest lender, the Industrial and Commercial Bank of China, shed 1 percent to 4.1 yuan, while the Bank of Communications, the fifth-biggest lender, slumped 1.2 percent to 4.92 yuan;

However, Shanghai Pudong Development Bank edged up 0.1 percent to 10.33 yuan.