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Financials

China's blue-chip index ends higher as tech stocks shine

SHANGHAI, June 28 (Reuters) - China’s blue-chip index ended higher on Monday, underpinned by tech gains, as investors hoped for continued policy support.

** The blue-chip CSI300 index rose 0.2%, to 5,251.76, while the Shanghai Composite index was unchanged at 3,606.37

** Heavyweight financial firms fell, with the CSI300 financials index closing down 1.6%, snapping a four-day winning streak

** Helping the market, CSI new energy and CSI consumer discretionary indexes rose 1.6% and 1.2%, respectively

** Top battery maker Contemporary Amperex Technology Co Ltd closed up 3.7% at a new high

** Tech stocks outperformed on Monday. Shenzhen’s tech-heavy start-up board rose 1.9%, and Shanghai’s tech-focused STAR50 index climbed 1.8%

** Beijing will not change or could even step up its support for the country’s technology sector, which is the biggest good news for related stocks in the A-share market, brokerage Orient Securities said in a report

** The brokerage added that seven emerging industries, including new energy vehicles, remain the most important directions for long-term investors

** Shares in China’s hog farming companies rebounded, after the state planner said the country would start buying pork for state reserves

** Data over the weekend showed profit growth at China’s industrial firms slowed again in May as surging raw material prices squeezed margins and weighed on factory activity

** Profits at China’s industrial firms rose 36.4% in May from a year earlier to 829.92 billion yuan ($128.58 billion), official data showed on Sunday. That was a slowdown from the 57% surge reported in April, according to National Bureau of Statistics (Reporting by Shanghai Newsroom; Editing by Shounak Dasgupta)

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