Mainland China share market ended lower Wednesday, 04 February 2015, giving up morning gains after data showing China's services sector grew at the slowest pace in six months in January. The Shanghai Composite Index dropped 1% to 3,174.13 at the close, reversing an advance of as much as 1.1%.
China's services purchasing managers' index (PMI) posted 51.8 in January, down from 53.4 in December, announced HSBC Bank (China) on Wednesday. The sector's performance was in line with the country's manufacturing activity, which waned in January as the manufacturing PMI dropped to 49.8, below the 50-point mark for the first time since October 2012, marking increasing downward pressure on the economy. A reading above 50 indicates expansion, while a reading below 50 represents contraction. HSBC said business activity extended growth across China's service sector, though the rate of expansion softened to a six-month low as growth of new work also weakened at the start of the year.
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