SHANGHAI: China stocks rose on Friday, led by semiconductor and resource shares, while the central bank head saying that the country would achieve this year’s growth target also lifted investor sentiment.
** The blue-chip CSI 300 Index was up 0.4% by the end of the morning session, and the Shanghai Composite Index added 0.3%.
** The Hang Seng Index and the Hang Seng China Enterprises Index were both flat at midday close.
** For the week, the CSI 300 slipped nearly 1%, while the Hang Seng was barely changed.
** Other Asian shares firmed, as Singapore became the latest country to pause its monetary policy tightening and markets became more confident the likely next hike in US rates would be the last this cycle.
** China’s economy is likely to grow around 5% this year, People’s Bank of China Governor Yi Gang said in remarks published on Friday, in line with the government’s annual target.
** This week, “sentiment improved further given sustained macro recovery in response to accommodative policy, as well as rising momentum around thematic trades such as AI (artificial intelligence),” Morgan Stanley said in a note.
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** Some AI-theme stocks rebounded from previous session’s weakness. Information technology shares climbed 0.8%, while semiconductors surged 3.4% on Friday.
** Premier Li Qiang said China needs to accelerate research and development for core technologies including chips, state media quoted him as saying on Thursday, which also propped market sentiment.
** Tech giants listed in Hong Kong lost 0.7%, with search engine giant Biadu slumping 4.2% and food delivery firm Meituan dropping 2.1%.
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