Weak services PMI data drags down mainland markets

Stock markets in the Chinese mainland had mixed performance amid sluggish service sector data.

The Shanghai Composite Index on Tuesday retreated after reaching the highest level of the year on Monday, down by 0.15 percent or 3.39 points to 2,219.95 points.

The Shenzhen Component Index remained almost flat, up 0.01 percent or 0.85 points to 8,007.76 points.

Combined turnover on the two bourses on Tuesday was 303.25 billion yuan ($49.14 billion), up from the previous trading day's 282.53 billion yuan.

HSBC/Markit service purchasing managers' index fell to a record low of 50 in July, compared with June's 53.1. The 50 level distinguishes growth and contraction.

Financial stocks, which saw a gain on the previous trading day, dragged down the markets on Tuesday while shares linked to electronic component and cement supported.

Sichuan Shuangma Cement Co and Henan Tongli Cement Co soared by the daily limit of 10 percent to 6.25 yuan and 6.62 yuan, respectively, on Tuesday.

Industrial Bank Co shed 2.07 percent to 10.87 yuan and CITIC Securities Co fell by 1.32 percent to 13.43 yuan.

Chongqing Chuanyi Automation Co went public on Tuesday in Shanghai. The shares in the company soared by the daily limit of 44 percent for new stocks to 9.68 yuan,

Meanwhile, ChiNext, China's NASDAQ-style board for high-tech and start-ups listed in Shenzhen, jumped by 2.32 percent or 30.87 points to 1,360.69 points on Tuesday.