Concerns Over Global Growth Push Chinese Equities Lower
Chinese stocks slid on Friday amid investor concerns over growing signs of slowing growth rates in the world's second largest economy, although rally in brokerage stocks on the news that Beijing plans to create a new stock exchange helped to pare down broad declines.
Activity in China's services sector fell sharply in August due to negative impact of social curbs imposed by authorities in order contain the spread of the delta strain of coronavirus, a private study showed on Friday.
Caixin purchasing managers' index (PMI) for China's services sector fell to 46.7 in August from 54.9 in July, falling to the lowest level since the first wave of the pandemic.
The financial sector sub-index was down 0.27%, the consumer goods sector added 1.86%, the real estate index fell 0.89%, and the health sector rose 0.52%.
The ChiNext Composite Startup Index fell 1.17%.
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