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1st LD-Writethru: Chinese shares close mixed after soft service PMI data

Xinhua, March 3, 2017 Adjust font size:

Chinese shares closed mixed on Friday, with the key Shanghai index down 0.36 percent, after a private gauge pointed to possible soft growth momentum in the service sector.

The benchmark Shanghai Composite Index fell 0.36 percent to end at 3,218.31 points. The Shenzhen Component Index closed 0.29 percent higher at 10,397.05 points.

Combined turnover stood at 449.56 billion yuan (about 65.15 billion U.S. dollars).

The Caixin China General Services Purchasing Managers' Index (PMI) slipped from 53.1 in January to 52.6 in February, the lowest reading in four months, according to the survey conducted by financial information service provider Markit and sponsored by Caixin Media Co. Ltd.

Commenting on the data, Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group, said the Chinese economy continued to recover in February with a pick-up in manufacturing expansion, while expansion in services decelerated.

Zhong expected the economy to maintain growth momentum in the first quarter of the year, but said signs of weakening may emerge starting in the second quarter.

Shares of lithium battery producers gained after the the government issued a guideline to support the development of the car battery sector.

FSPG Hi-tech Co., Ltd., Mianyang Fulin Precision Machining Co., Ltd. and Shandong Fengyuan Chemical Co., Ltd. all surged by the daily limit of 10 percent.

Meanwhile, shares of oil giants fell. PetroChina, the largest oil and gas producer in China, dropped 1.71 percent to 8.04 yuan and China Petroleum and Chemical Corporation fell 1.39 percent to 5.66 yuan. Endi