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SHANGHAI: China stocks slipped on Friday, after three sessions of gains following the government’s decision to roll out policy support, while investors locked in profits and cautiously awaited more details on the stimulus plans.

The blue-chip index lost 0.3% cautiously booked profits as they look for more stimulus policy, but logged a 2% weekly gain. Hong Kong’s Hang Seng Index eased 1.6%, but gained 4.2% this week, its best weekly performance this year.

The strong weekly performances were backed by a string of supportive policies by Beijing including a deep cut to bank reserves, policy to ease a liquidity crunch facing troubled property developers, and news report of a 2 trillion yuan ($278.53 billion) rescue package to buy stocks.

“Market sentiment rose upon a number of positive policy news,” Morgan Stanley said in a note.

“We advise investors to closely monitor the subsequent policy-related actions from the authorities, as quick follow-through and follow-up would be essential to keep the sentiment momentum going.”

The broad Asian share market eased on Friday but looked set to snap a three-week losing streak, with market moves largely subdued as investors awaited a key reading on US inflation later in the day to gauge the outlook for US interest rates.

Real estate developers rose 2.9% against a weak broader market on Friday, after the National Financial Regulatory Administration said China’s financial institutions should actively fulfil reasonable financing demands for property projects.

Shares of anime comic gaming firms ended up 0.2% after climbing as much as 4.1%, after the press and publication administration said China approved licenses for 115 domestic online games for January.

Most other sectors retreated, with healthcare, semiconductors, new energy down 2.8%, 3.5%, and 1.8%, respectively.

In Hong Kong, drug research and development company Wuxi AppTec slumped 16.4% to lead the decline and dragged the market’s benchmark.

Tech giants listed in Hong Kong retreated 3.8%, after a combined 9% jump in the previous three sessions.

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