- Bucking the broad rally, small-cap stocks continued to slide, as institutional investors favoured big companies.
SHANGHAI: China stocks gained on Friday, on track to post weekly gains, as investors found support from a continued economic recovery, though Sino-US tensions remained a worry.
** The CSI300 index rose 0.9%, to 5,522.21 points at the end of the morning session, while the Shanghai Composite Index gained 0.5%, to 3,518.09 points.
** For the week, CSI300 firmed 3.2%, while SSEC added 1%.
** Leading the gains on Friday, the CSI300 banking index and CSI300 healthcare index rose 2% and 4%, respectively.
** Investors continued to trade the economic recovery story, while ample funds still favoured leading blue-chips that were seen as "core assets" in the A-share market and Hong Kong, analysts at Dongxing Securities said in a report.
** Data over the weekend showed China's factory activity grew in January, in line with an ongoing economic recovery, but at the slowest pace in five months after new coronavirus infections prompted lockdowns.
** Worries over Sino-US tensions kept gains in check.
** The United States is deliberately "creating tension" and disrupting peace and stability, China's military said, after a US warship sailed through the sensitive Taiwan Strait.
** Bucking the broad rally, small-cap stocks continued to slide, as institutional investors favoured big companies.
** The CSI1000 index, slipped 0.9% on Friday to a near eight-month low, bringing its losses for the year to more than 8%.
** In Hong Kong, the Hang Seng index added 0.5%, to 29,265.95 points, while the Hong Kong China Enterprises Index gained 0.2%, to 11,582.40.
** Shares in online video platform Kuaishou Technology tripled on their Hong Kong stock market debut on Friday, driven by massive demand from mom-and-pop investors amid a global retail trading frenzy.