Asian Market Update : Epic Research Malaysia

Asian stocks were lacklustre on Tuesday after a HSBC report showed the performance of China's service sector fell to a record low in July, and despite a positive lead from Wall Street.

The HSBC China services Purchasing Managers' Index in July slipped to 50.0, the dividing line between expansion and contraction, from 53.1 in June, according to Dow Jones Newswires.

"The weakness in the headline number likely reflects the impact of the ongoing property slowdown in many cities, as property-related activity, such as agencies and residential services, see less business," Qu Hongbin, HSBC Chief Economist for China, said in a statement.

Tokyo fell 0.24 per cent by the break, Sydney dipped 0.33 per cent, and Seoul dropped 0.70 per cent, while Hong Kong and Shanghai were flat in morning trade.

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