Slowdown in Services Activity Weigh on Chinese Stocks

MT Newswires Live12-03

Chinese equities declined as sentiment slumped over a private reading showing a slowdown in the services sector.

The Shanghai Composite Index declined 0.5%, or 19.71 points, to close the Wednesday at 3,878. The Shenzhen Component Index inched down 0.8%, or 101.45 points, to 12,955.25.

Chinese services activity fell to 52.1 in November from 52.6 in October despite new exports rebounding after trade tensions between the U.S. and China deescalated, according to a private reading from RatingDog released Wednesday.

In corporate news, Shenzhen Transsion Holdings (SHA:688036) slumped 8.2% despite submitting documents for its initial public offering on the Hong Kong Stock Exchange.

Shandong Huapeng Glass (SHA:603021) dropped 4% after applying for the lifting of the freeze on some of the bank accounts of its subsidiary, Shandong Huapeng Shidao Glass Products.

Humanwell Healthcare (SHA:600079) fell 3.3% after its subsidiary withdrew the application for its recombinant plasmid-hepatocyte growth factor injection.

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