Chinese stocks closed higher on expectations of incentives
US, WASHINGTON (ORDO NEWS) — Chinese stocks rose Friday, ending the week in positive territory, amid expectations that Beijing will take the necessary measures to support the world’s second largest economy, which eclipsed concerns about growing tensions between the US and China.
The Shanghai Composite Index rose 0.22% to 2.852.35 points, while the CSI300 Blue Chip Index added 0.27% to 3.867.02 points.
The financial sector subindex fell 0.97%, the consumer goods sector added 1.51%, the real estate index fell 2.37%, and the health sector grew 1.46%.
The ChiNext Composite startup index rose 1.54%.
The rise was led by shares in Zhongchang Big Data Corp Ltd, Shaanxi Broadcast & TV Network Intermediary Group Co Ltd and Gree Real Estate Co Ltd, which rose 10.07%, 10.06% and 10.05% respectively.
The biggest losers were Shanghai Hongda Mining Co Ltd, Xuancheng Valin Precision Technology Co Ltd and Chengbang Eco-Environment Co Ltd, which lost 10.05%, 9.98% and 9.95% respectively.
The Hong Kong Hang Seng Index fell 0.74% to 22.961.47 points, while the Hang Seng China Enterprises Index added 0.1% to 9.561.03 points.
U.S. President Donald Trump is due to announce a response later on Friday to China’s Hong Kong security law, which many lawyers, diplomats and investors fear may restrict the city’s freedom.
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