SHANGHAI: China stocks rose slightly on Friday following last session’s jump and logged their best week in months amid signs the authorities were taking measures to aid economic recovery.
China’s blue-chip CSI 300 Index and the Shanghai Composite Index both closed flat.
Hong Kong’s Hang Seng Index rose 0.3% and the Hang Seng China Enterprises Index went up 0.2%.
For the week, the CSI 300 Index gained 1.9%, logging the biggest weekly gain in one month, while the Hang Seng Index posted its highest weekly rise since January with a 5.7% jump.
The broad Asian stock market also rose, on course for its best week this year, as cooling US inflation stoked speculation that the Federal Reserve could pause rate hikes after this month.
China’s central bank will use policy tools to weather the challenges faced by the world’s second-largest economy, a central bank official said on Friday.
“We continue to see constructive signs emerging gradually on supporting the economy and stabilization of geopolitical dynamics fronts,” said Morgan Stanley in a note.
The bank suggests investors monitor the State Council meeting in mid-July and the Politburo meeting in late July, and potential additional easing measures, especially on the infrastructure and housing fronts.
Investors are also awaiting the second quarter GDP data, due next Monday.
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