2 Minute Read by Reuters Staff Reuters, Shanghai, July 5 – On Monday, China’s major indexes eked out gains, aided by strong performance in Shanghai’s tech-focused STAR Board businesses, as Beijing guaranteed continuing policy support for the country’s innovation sector. ** The Shanghai Composite Index rose 0.4 percent to 3,534.32, while the blue-chip CSI300 index up 0.1 percent to 5,085.79. ** The start-up board in Shenzhen increased by 0.5 percent, while Shanghai’s tech-focused STAR50 index increased by 2.5 percent. ** After China’s state integrated circuit fund participated in the company’s private placement, Advanced Micro-Fabrication Equipment Inc China jumped as much as 12 percent before closing 7.4 percent higher.** Six Chinese ministries, including the Ministry of Industry and Information Technology, pledged on Friday to foster outstanding manufacturers and support qualified companies in obtaining financing. * * According to Essence Securities, “Most of (China’s) broad-based indexes and industry indices now stand at the conclusion of a rising trend, and the stock advance since the first quarter may have finished, leading to a likely correction moving forward.” ** According to a private poll released on Monday, growth in China’s services sector dropped drastically in June to a 14-month low, pulled down by a return of COVID-19 cases in southern China, raising concerns that the world’s second-largest economy is losing steam. The MSCI Asia ex-Japan stock index was up 0.01 percent in the region, while Japan’s Nikkei index was down 0.64 percent. ** The yuan was trading at 6.4617 per US dollar at 0731 GMT, up 0.16 percent from the previous close of 6.472. China’s A-shares were trading at a 39.15 percent premium to Hong Kong-listed H-shares at 0732 GMT. (Shanghai Newsroom contributed reporting; Sherry Jacob-Phillips edited the piece.)/n
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