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1st LD-Writethru: Chinese shares edge down on softer service sector data

Xinhua, May 4, 2017 Adjust font size:

Chinese stocks continued to edge down Thursday, as weakening service expansion data made investors worried about economic contraction.

The benchmark Shanghai Composite Index dipped 0.25 percent to end the day at 3,127.37 points, down for a third consecutive day.

The smaller Shenzhen Component Index closed 0.36 percent lower at 10,147.44 points. The ChiNext Index, China's NASDAQ-style board of growth enterprises, ended 0.13 percent lower to close at 1,838.10 points.

China's service sector continued to moderate in April, as Caixin General Services Purchasing Managers' Index (PMI) slipped to 51.5 in April from 52.2 in March, the lowest in 11 months.

Both official and private surveys showed that the country's manufacturing activity eased expansion in April, partly due to recent tightening of financial regulation.

China's top securities regulator on Wednesday vowed to step up efforts to prevent and control financial risks.

Many shares related to Xiongan New Area posted a roller coaster performance on Thursday. Tangshan Jidong Equipment and Engineering Co. Ltd. rose by almost 8 percent during trading time and closed by falling over 4 percent.

Shares related to underground pipe networks and steel led the gains while those related to non-ferrous metal and large aircraft fell. Endi