Shanghai Composite down 0.49% at 2,982 points (Il Sole 24 Ore Radiocor) - Shanghai , 03 Jul - Chinese stocks closed lower after yesterday's flat session, bucking the trend amid strong Asian markets.

The Shanghai Composite closed down 0.49% at 2,982 points, while the Shenzhen CSI 300 closed down 0.24% at 3,463 points.

Sentiment was subdued as a disappointing reading on service sector activity weighed.

In June, China's purchasing managers' index for the services sector fell to 51.2 from 54.0 in May, according to data released by S&P Global along with local media partner Caixin.

The reading signalled an expansion in activity for an eighteenth consecutive month, albeit at the slowest pace since October 2023.

The composite output index fell to 52.8 from 54.1 in May.

Growth concerns continued to weigh on investor sentiment after data released in recent weeks pointed to an uneven economic recovery.

Last weekend, China released its official PMI figures, with its manufacturing PMI unchanged from May and marking its second straight month of declines. A private survey however showed on Monday that China's Caixin/S&P Global manufacturing purchasing managers' index rose for an eighth successive month at the fastest pace since May 2021.

Data showed last week that growth in China's industrial profits narrowed in May, rekindling concerns that economic growth in the country was slowing.

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(RADIOCOR) 03-07-24 11:09:53 (0288) 5 NNNN