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China's blue-chip index firms as technology stocks shine

Reuters2021-06-28

* SSEC -0.1%, CSI300 0.1%

* FTSE China A50 -0.3%

SHANGHAI, June 28 (Reuters) - Technology stocks helped China's blue-chip index gain on Monday as investors hoped for continued policy support, while the Shanghai Composite index was pressured by a fall in financial firms.

** The CSI300 index rose 0.1% to 5,246.82 points at the end of the morning session, while the Shanghai Composite index lost 0.1% at 3,605.58 points.

** Heavyweight financial firms fell, with the CSI300 financials index down 1.5% by midday break and on track to snap a four-day rising streak.

** Helping the market, the CSI new energy and CSI consumer discretionary index rose 2% and 1.3%, respectively.

** Top battery maker Contemporary Amperex Technology $(CATL.UK)$ Co Ltd climbed 5.1% to a new high.

** Tech stocks outperformed on Monday. Shenzhen's tech-heavy start-up board rose 2.1%, and Shanghai's tech-focused STAR50 index climbed 2.2%.

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

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

** 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.

** Trading in Hong Kong's securities market was cancelled in morning session, and will resume at 0530 GMT on Monday after the cancellation of a black rainstorm warning.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment11

  • tyng8825
    ·2021-06-28
    Good
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  • Madmad
    ·2021-06-28
    Woah
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  • WTurtle
    ·2021-06-28
    Will be great if you can B comment!
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  • Soksok
    ·2021-06-28
    Good 
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    • EriViL
      Ok
      2021-06-28
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  • Maisquare
    ·2021-06-28
    Wow 
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    • WTurtle
      Great
      2021-06-28
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  • Cluded
    ·2021-06-28
    H
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  • capsulefong
    ·2021-06-28
    Like and comment pls 
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    • Ellen77
      Done..
      2021-06-28
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  • JamesPang
    ·2021-06-28
    Please like and comment
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    • JamesPang
      thanks
      2021-06-29
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    • rlew
      okay
      2021-06-28
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    • EriViL
      Done
      2021-06-28
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    View more 2 comments
  • diggydog
    ·2021-06-28
    Tech stonks FTW [財迷] 
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  • mummm
    ·2021-06-28
    No idea if the first two
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  • RoxC
    ·2021-06-28
    [得意] [得意] [得意] 
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