AIRLINK 74.45 Increased By ▲ 0.20 (0.27%)
BOP 5.09 Increased By ▲ 0.04 (0.79%)
CNERGY 4.43 Increased By ▲ 0.01 (0.23%)
DFML 38.37 Increased By ▲ 2.53 (7.06%)
DGKC 90.50 Increased By ▲ 2.50 (2.84%)
FCCL 22.74 Increased By ▲ 0.54 (2.43%)
FFBL 33.11 Increased By ▲ 0.39 (1.19%)
FFL 9.79 No Change ▼ 0.00 (0%)
GGL 10.95 Increased By ▲ 0.15 (1.39%)
HBL 116.30 Increased By ▲ 0.40 (0.35%)
HUBC 135.70 Decreased By ▼ -0.14 (-0.1%)
HUMNL 9.90 Increased By ▲ 0.06 (0.61%)
KEL 4.63 Increased By ▲ 0.02 (0.43%)
KOSM 4.79 Increased By ▲ 0.13 (2.79%)
MLCF 40.70 Increased By ▲ 0.82 (2.06%)
OGDC 138.25 Increased By ▲ 0.35 (0.25%)
PAEL 26.70 Increased By ▲ 0.27 (1.02%)
PIAA 26.24 Decreased By ▼ -0.04 (-0.15%)
PIBTL 6.65 Decreased By ▼ -0.11 (-1.63%)
PPL 123.34 Increased By ▲ 0.44 (0.36%)
PRL 26.90 Increased By ▲ 0.21 (0.79%)
PTC 14.15 Increased By ▲ 0.15 (1.07%)
SEARL 59.28 Increased By ▲ 0.58 (0.99%)
SNGP 71.20 Increased By ▲ 0.80 (1.14%)
SSGC 10.44 Increased By ▲ 0.08 (0.77%)
TELE 8.59 Increased By ▲ 0.03 (0.35%)
TPLP 11.30 Decreased By ▼ -0.08 (-0.7%)
TRG 64.83 Increased By ▲ 0.60 (0.93%)
UNITY 26.13 Increased By ▲ 0.08 (0.31%)
WTL 1.38 No Change ▼ 0.00 (0%)
BR100 7,872 Increased By 34.2 (0.44%)
BR30 25,596 Increased By 136.3 (0.54%)
KSE100 75,227 Increased By 296.6 (0.4%)
KSE30 24,222 Increased By 76.1 (0.32%)

SHANGHAI: China stocks jumped on Friday and logged their best week since November after the country’s top leaders pledged in the Politburo meeting held earlier this week to roll out further policy support to aid economic recovery.

Real estate and financials shares led gains on the day after China’s housing minister urged efforts to strengthen sector recovery.

China’s blue-chip CSI 300 Index surged 2.3% and the Shanghai Composite Index added 1.8% at close. The Hang Seng Index gained 1.4% and the Hang Seng China Enterprises Index climbed 2.1%. For the week, the CSI 300 Index rose 4.5%, while the Hang Seng Index was up 4.4%.

“The relatively dovish tone of the Politburo meeting has improved sentiment, but quick follow-through with stimulus will be key to sustaining the momentum,” Morgan Stanley analysts said in a note.

China needs more effective implementation measures such as lower home mortgage rates and down-payment ratios for first-time home buyers to help spur home purchases, said Ni Hong, minister of housing and urban-rural development.

“This confirms an easing direction,” said J.P.Morgan analysts. “Overall, this move is reasonable, and we expect easing could intensify if sales remain weak.”

The CSI 300 Real Estate Index and the CSI Financials Index climbed 4.4% and 4.7%, respectively. Securities firms jumped 7.6% to outperform other sectors. Bloomberg News reported that China’s markets regulator consulted securities firms for possible measures to boost stocks.

Foreign investors bought a net 16.4 billion yuan ($2.29 billion) of Chinese stocks on Friday, sending the weekly net buying to 34.5 billion yuan, the biggest weekly inflow since January.

Tech giants listed in Hong Kong advanced 2.9% and gained 8.8% for the week, amid policy signs supporting the private sector. Shares in most other sectors also rose, with consumer staples and automobiles up 1.8% and 4.2%, respectively.

Comments

Comments are closed.