SHANGHAI: China stocks rose on Friday as strength in banking shares offset declines in property stocks. The Hong Kong market is closed for a public holiday.
China stocks close higher on stimulus expectations
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The CSI Bank Index rose 4% in the morning session, as investors took in their stride shrinking margins suffered by the “Big Five” lenders.
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Sentiment for major banks has been boosted by mutual fund disclosure showing state investor Central Huijin has been buying stakes in bluechip funds to bolster the market.
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Property shares fell after a string of Chinese property developers, including Vanke, reported weaker financial results for 2023.
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China’s blue-chip CSI300 index was up 0.07%, with its financial sector sub-index higher by 0.11%, the consumer staples sector down 0.03%, the real estate index down 2.21% and the healthcare sub-index down 0.96%.
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The smaller Shenzhen index was unchanged for the day, the start-up board ChiNext Composite index was weaker by 0.07% and Shanghai’s tech-focused STAR50 index was down 1.34%?.
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Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.14% while Japan’s Nikkei index was up 0.43%. ** The yuan was quoted at 7.2269 per US dollar, 0.02% weaker than the previous close of 7.2256.
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The largest percentage gainers in the main Shanghai Composite index were Shanghai V Test Semiconductor Tech Co Ltd , up 12.05%, followed by Jinan High-tech Development Co Ltd, which gained 10.16%, and Zhengping Road & Bridge Construction Co Ltd, up by 10.15%.
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The largest percentage losers in the Shanghai index were Zhejiang Shengda Bio-Pharm Co Ltd, down 10.029%, followed by Elegant Home-Tech Co Ltd, losing 9.986%, and A-Zenith Home Furnishings Co Ltd, down by 9.939%.
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So far this year, the Shanghai stock index is up 1.7%? and the CSI300 has risen 2.7%, while China’s H-share index listed in Hong Kong is up 0.7%. Shanghai stocks have risen 0.34% this month.
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The FTSE 100 Index is up 6.26% since this day last year.
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