China stocks fall on soft economic data; HK gets tech boost
Updates to market close
By Summer Zhen
HONG KONG, July 3 (Reuters) -China stocks fell on Wednesday as data showed the country's services activity growth hit an eight-month low in June, while technology companies led Hong Kong shares higher.
China's services activity expanded at the slowest pace in eight months and confidence hit a four-year low, mainly due to slower growth in new orders, a private-sector survey showed, suggesting more stimulus is needed to boost the economy.
Meanwhile, Hong Kong shares fared better, with the Hang Seng Tech Index .HSTECH jumping 2.5%.
Shares of Alibaba Group 9988.HK gained 2.5% after the e-commerce giant said it bought back shares worth $5.8 billion in the second quarter, its biggest single-quarter stock repurchase ever. Tencent 0700.HK also jumped 2.8% on share buyback efforts.
** At the close, the Shanghai Composite index .SSEC was down 0.49% at 2,982.38, snapping a three-day winning streak.
** The blue-chip CSI300 index .CSI300 was down 0.24%. The financial sector sub-index .CSI300FS was lower by 0.43%, the consumer staples sector .CSI000912 was down 0.1%, the real estate index .CSI000952 rose 1.11% and the healthcare sub-index .CSI300HC dropped 0.37%.
** The smaller Shenzhen index .SZSC ended down 0.78% and the start-up board ChiNext Composite index .CNT was weaker by 0.295%.
** In Hong Kong, the Hang Seng index .HSI rose 209.43 points, or 1.18%, to 17,978.57. The Hang Seng China Enterprises index .HSCE rose 1.27% to 6,455.7.
** The sub-index of the Hang Seng tracking energy shares .HSCIE rose 0.9%, while the IT sector .HSCIIT rose 2.7%, the financial sector .HSNF ended 0.28% lower and the property sector rose 1.97%.
** Around the region, MSCI's Asia ex-Japan stock index .MIAPJ0000PUS was firmer by 0.87%, while Japan's Nikkei index .N225 closed up 1.26%.
Reporting by Summer Zhen; Editing by Varun H K and Savio D'Souza
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