SHANGHAI: China stocks ended the week higher with a seven-session winning streak after the four-day key leadership gathering concluded on Thursday, while Hong Kong shares logged the biggest weekly loss in nearly two months.
China stocks close higher ahead of policy announcements
-
China’s blue-chip CSI300 Index closed up 0.5% on Friday, logging gains for a seventh consecutive session, while the Shanghai Composite Index gained 0.2%. Hong Kong benchmark Hang Seng was down 2.1%.
-
Chinese officials acknowledged on Friday the sweeping list of economic goals re-emphasised at the end of a key Communist Party meeting this week contained “many complex contradictions,” pointing to a bumpy road ahead for policy implementation.
-
China is expected to publish a document with more detailed policy plans in the coming days.
-
“The market is watching if there will be a detailed final document next week to further debrief policy guidance and the politburo meeting later this month for specific measures,” said analysts at UBS.
-
For the week, the CSI300 index was up 1.9%, while the Hang Seng index was down 4.8%, marking the biggest weekly loss since late May.
-
Tech shares led gains in China, with the CSI Info Tech index up 1.4%.
-
Lack of new policy support for the struggling property sector has let some investors down, with developers’ shares traded in China and Hong Kong down 2% and 4.2%, respectively.
-
Tech giants traded in Hong Kong were down 2.1%.
Comments