2 Minute Read by Reuters Staff (Reuters) – SHANGHAI, June 28 – On Monday, China’s blue-chip index finished higher, boosted by technology gains, as investors hoped for ongoing policy support. ** The blue-chip CSI300 index rose 0.2 percent to 5,251.76, while the Shanghai Composite index remained unchanged at 3,606.37** Financial heavyweights fell, with the CSI300 financials index closing down 1.6 percent, snapping a four-day winning streak** The CSI new energy and CSI consumer discretionary indexes helped the market, rising 1.6 percent and 1.2 percent, respectively** On Monday, tech stocks outperformed. The tech-heavy start-up board in Shenzhen increased by 1.9 percent, while Shanghai’s tech-focused STAR50 index increased by 1.8 percent. In a report, brokerage Orient Securities stated that Beijing will not change or may even increase its support for China’s technology sector, which is the best news for related stocks in the A-share market**. The brokerage also stated that seven emerging industries, including new energy vehicles, remain the most important directions for long-term investors**. Industrial profits in China increased 36.4 percent year on year in May to 829.92 billion yuan ($128.58 billion), according to government statistics released on Sunday. According to the National Bureau of Statistics, this was a decrease from the 57 percent increase reported in April (Reporting by Shanghai Newsroom; Editing by Shounak Dasgupta) Continue reading
