Mainland China share market finished session lower on Monday, 05 June 2023, as lingering Sino-US tensions overshadowed positivity from better-than-expected private services activity data.
The relationship between the US and China is at its lowest point in decades as the two superpowers remain deeply divided over everything from the sovereignty of Taiwan to cyber espionage and territorial disputes in the South China Sea.
At close of trade, the benchmark Shanghai Composite index was up 0.07%, or 2.37 points, to 3,232.44. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.09%, or 1.92 points, to 2,033.70. The blue-chip CSI300 index declined 0.46%, or 17.58 points, to 3,844.25.
ECONOMIC NEWS: The services sector in China continued to expand in May, and at a faster rate, the latest survey from Caixin revealed on Monday with a services PMI score of 57.1. That's up from 56.4 and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. The survey also showed that the composite index climbed to 55.6 in May from 53.6 in April.
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