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Shanghai composite slips half a percent | Capital Market News

Chinese stocks eased amid sustained economic worries even as global risk sentiments stayed firm. China’s Shanghai Composite index dropped 0.49% to 2,982.38 after a private survey showed services sector activity in the country cooled to the weakest in eight months in June. With the slide in todays session, Chinese equities have cut a rally from recent four month lows. The services sector in China continued to expand in June, although at a slower pace, the latest survey from Caixin showed on Wednesday with a service PMI score of 51.2. This was down from 54.0 in May, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. Meanwhile an increase in tourism activity and improvements in overseas business conditions led to another solid rise in export sales. That said, the rates at which new and export business expanded both eased from May. The survey also showed that the composite index came in with a score of 52.8 in June, down from 54.1 in May.

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First Published: Jul 03 2024 | 5:42 PM IST

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