Baidu Inc BIDU shares are trading lower by 2.7% to $142.53 going into the close of Tuesday's session. Shares of several Chinese stocks are trading lower following Caixin Services PMI data, which showed slower-than-expected August service sector activity growth.
According to a Reuters report, the Caixin/S&P Global Services Purchasing Managers' Index (PMI) registered a decline from 54.1 in July to 51.8 in August. This represents the lowest reading since December, a period characterized by COVID-19 restrictions that limited consumer mobility.
It's worth noting that the 50-point threshold serves as the demarcation between expansion and contraction in economic activity.
See Also: China's Bold $40B Chip Investment Challenges Nvidia, Signals Resilience Against US Embargo
What Happened With China Stocks Last Week?
Shares of Chinese stocks otherwise traded higher last week after China cut the minimum down payment on mortgages as part of stimulus measures.
China’s financial regulators made headlines this week with a series of moves targeted at boosting the troubled property market. Notably, have slashed down-payment requirements for both first-time and second-time home buyers and concurrently lowered interest rates on existing mortgages.
The announcement, jointly made by the People's Bank of China and the National Administration of Financial Regulation, stipulated that the minimum down payment would...Read More
According to data from Benzinga Pro, Baidu has a 52-week high of $160.88 and a 52-week low of $73.58.
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