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China: Shares rise as service sector picks up, reforms stocks eyed
[HONG KONG] 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 CSI300 index gained 0.1 per cent to 3,207.38. The Shanghai Composite Index rose 0.6 per cent 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.
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 per cent, and resources up 0.1 per cent, while banks and healthcare fell.