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Markets

China stocks end week higher on trade, tech boost; STAR Market retreats

SHANGHAI: China's major stock indexes climbed on Friday to end the week higher, led by gains in tech firms, as investors

26 Jul 2019

SHANGHAI: China's major stock indexes climbed on Friday to end the week higher, led by gains in tech firms, as investors cheered a revival in trade hopes and Beijing's continued tech push.

** Most stocks on the newly launched STAR Market dropped on Friday, though they managed to post huge gains for the first week of trading, as investors were encouraged by Beijing's boldest move yet towards a less-regulated market for initial public offerings (IPOs) and stock trading.

** The blue-chip CSI300 index ended up 0.2% at 3,858.57 points, while the Shanghai Composite Index added 0.2% to 2,944.54 points, both up for a fourth consecutive session.

** For the week, CSI300 gained 1.3%, while SSEC climbed 0.7%.

** Investor focus was on the development in Sino-U.S. trade negotiations.

** Lead negotiators for China and the United States will meet in Shanghai on Tuesday for two days in the next round of trade talks, China's commerce ministry confirmed.

** For the week, tech shares led the advance. The CSI IT index and telecoms index jumped 5% and 3%, respectively, underpinned by Beijing's continued determination to seek tech independence.

** On the STAR board, 23 of the 25 stocks ended lower for the day, led by Fujian Forecam Optics Co Ltd tumbling 14.5%, as investors pocketed gains following an initial euphoria.

** That came only two days after Fujian Forecam Optics hit a fresh peak, highlighting marked volatility on the new board as retail investors piled in.

** Around the region, MSCI's Asia ex-Japan stock index  was weaker by 0.59%, while Japan's Nikkei index  closed down 0.45%.

** At 0714 GMT, the yuan was quoted at 6.88 per U.S. dollar, 0.1% weaker than the previous close of 6.8734.

** The largest percentage gainers in the main Shanghai Composite index were Shanghai Feilo Acoustics Co Ltd , up 10.13%, followed by Zhengping Road & Bridge Construction Co Ltd, gaining 10.05% and DuZhe Publishing & Media Co Ltd, up by 10.04%.

** The largest percentage losses in the Shanghai index were FUREN Group Pharmaceutical Co Ltd, down 10.03%, followed by Zhejiang Starry Pharmaceutical Co Ltd, which closed down 9.38% and Bomin Electronics Co Ltd , down by 6.61%.

** About 13.93 billion shares were traded on the Shanghai Exchange, roughly 76.1% of the market's 30-day moving average of 18.31 billion shares a day. The volume in the previous trading session was 14.57 billion.

** As of 0715 GMT, China's A-shares were trading at a premium of 28.78% over the Hong Kong-listed H-shares.

Copyright Reuters, 2019