SHANGHAI: China stocks closed flat on Friday with investor sentiment broadly subdued with market focus on Sino-US tensions and despite a rally by semiconductor shares following US-based Nvidia’s share price surge overnight.
China’s blue-chip CSI300 Index closed flat, while the Shanghai Composite Index edged up 0.4%.
Hong Kong market was closed on Friday for public holiday.
For the week, CSI300 Index and Hong Kong’s benchmark Hang Seng Index were down 2.4% and 3.6%, respectively, both marking the worst weekly performance in 10 weeks.
The US State Department warned on Thursday that China was capable of launching cyber attacks against critical infrastructure, including oil and gas pipelines and rail systems, after researchers discovered a Chinese hacking group had been spying on such networks.
Meanwhile, US Commerce Secretary Gina Raimondo and Chinese Commerce Minister Wang Wentao traded barbs on trade, investment and export policies in talks on Thursday described by Raimondo’s office as “candid and substantive.”
Sector performances were mixed with chipmakers outperforming other sectors. Shares of Chinese chipmakers jumped after a 24% overnight surge in US-based Nvidia Corp fuelled Chinese interest in the sector.
The STAR Chip Index was up 2.9%, logging its best day in nearly a month.
Zbit Semiconductor Inc surged 20%, reaching a record high.
New energy shares slumped 2.2%, continuing the downward trend.
Automobile companies BYD Co Ltd and Great Wall Motor Co Ltd were down 3.4% and 4.3%, respectively. Great Wall Motor said on Thursday its rival BYD failed on hybrid emissions.
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