China: Stocks close down in late sell-off, financials weak

[SHANGHAI] China stocks closed down on Wednesday, giving up morning gains as investors sold financial shares after China posted data showing its services sector grew at the slowest pace in six months in January.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 1.0 per cent, to 3,401.77, while the Shanghai Composite Index lost 1 per cent, to 3,174.13 points.

Among the most active stocks in Shanghai were Bank of China, down 3.3 per cent to 4.14 yuan; CITIC Securities , down 1.3 per cent to 28.03 yuan and Baotou Steel, up 0.6 per cent to 5.34 yuan.

In Shenzhen, Suning Appliance, up 0.4 per cent to 11.40 yuan; Shenwan Hongyuan Group, down 2.8 per cent to 15.53 yuan and Oceanwide Holdings, up 10.0 per cent to 12.64 yuan were among the most actively traded.

Total volume of A shares traded in Shanghai was 24.9 billion shares, while Shenzhen volume was 15.6 billion shares.

REUTERS