SHANGHAI: China stocks jumped on Friday to snap three straight weekly losses, powered by gains in heavyweight financial firms. The blue-chip CSI300 index rose 1.6% to 5,239.97, while the Shanghai Composite Index advanced 1.2% to 3,607.56.
Financial firms underpinned the market, with the CSI300 financials index jumping 1.7%. The CSI SWS securities index rose 3.1%, as Guangdong Golden Dragon Development Inc, BOC International China and East Money Information Co Ltd advanced between 7.2% and 10%.
The golden era for Chinese residents to boost equities has arrived, leading to a long-term upbeat cycle for securities firms, SWS Research said in a report. Residents' wealth migration to equities assets are accelerating as other competitive wealth products' returns continue to decline, SWS Research added. For the week, the CSI300 added 2.7% and the SSEC gained 2.3%, both ending a three-week losing streak.
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