China shares rise as service sector picks up, reforms stocks eyed

The blue-chip CSI 300 index gained 0.1 percent to 3,207.38. The Shanghai Composite Index rose 0.6 percent to 3,007.11 points

By: Reuters | Hong Kong | Updated: July 5, 2016 1:15 pm
China, market, yuan, currency, Shanghai Composite Index, Beijing, The rise in China stocks indicate Beijing is making progress in rebalancing the economy (Representational image)

China stocks rose on Tuesday on further signs that activity in the services sector is speeding up, and as investors bought shares expected to benefit from reforms.

The blue-chip CSI 300 index gained 0.1 percent to 3,207.38. The Shanghai Composite Index rose 0.6 percent to 3,007.11 points, the first time it closed above the 3,000 mark since April 19.

Activity in China’s services sector rose to an 11-month high in June, a private survey showed on Tuesday, indicating that Beijing is making progress in rebalancing the economy.

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Analysts said overall sentiment was positive, buoyed by ample liquidity in the system and expectations that authorities would roll out further economic stimulus measures.

Sector performance was mixed with consumer stocks gaining 0.7 percent, and resources up 0.1 percent, while banks and healthcare fell.

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