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August 4, 2017

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Shares fall on slower growth in services sector

SHANGHAI stocks fell for a second day yesterday following slower growth in China's services sector.

The Shanghai Composite Index shed 0.37 percent to 3,272.93 points. Turnover fell to 243.6 billion yuan (US$35.8 billion).

Sentiment was hit in trading after news circulated late Wednesday that the Trump administration might open a probe into “a Chinese intellectual property regime that requires foreign companies to transfer technology to local subsidiaries and partners.”

Investors were also affected after a private business survey showed yesterday that China's services sector’s growth eased in July amid a moderating new business growth.

Central Securities wrote in a note yesterday that the key index was facing pressure to pass the 3,300-level in the near future.

Financial shares fell, with Guoyuan Securities off 0.86 percent to 13.85 yuan and Citic Securities losing 0.85 percent.


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