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Market Update: China Shanghai Composite Gains 0.3%
The Shanghai Composite Index rose 10 points or 0.3% to 3,536 in early deals on Monday after closing at three-week lows in the prior session. Traders were upbeat after the PBoC today kept its key lending rate unchanged for the 14th straight month at its June fixing, in line with market consensus. Sentiment was also lifted by reports that China’s Zhonghuan Semiconductor had planned to buy back company shares worth CNY 280-330 million within a year and to boost semiconductor material unit’s capital by a combined CNY 1.3 billion with its partners. On the COVID-19 front, local media said that China has administered 1 billion doses of coronavirus vaccines as the country pushes ahead with the largest vaccination drive in its history. Investors paid little attention to news that Australia will appeal to the WTO regarding Chinas imposition of anti-dumping duties on the countrys wine. Shares were mainly higher for technology, healthcare, and basic materials. [/s2If]
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