SHANGHAI: China stocks closed flat on Friday, but ended the week slightly up, as the market took a breather after US President Donald Trump signalled a possible end to the tit-for-tat tariff hikes between the world’s two largest economies.
China’s blue-chip CSI300 Index ended flat, while the Shanghai Composite Index dipped 0.1%, snapping an eight-session winning streak. For the week, the CSI300 Index gained 0.6%.
The CSI300 Index has dropped 3% since April 2, when Trump announced reciprocal tariffs that upended global stock markets, as state-backed investors stepped in to support markets and local bourses set daily restrictions on net share sales.
The Hong Kong market is closed for local holidays and will resume trading next Tuesday. For the short week, the Hang Seng Index rose 2.3%.
Consumer staple shares declined 1%, dragging performance onshore, while financial shares rose 0.7%.
The BSE 50 Index, a gauge for start-ups listed in Beijing, climbed nearly 2%.
Nvidia CEO Jensen Huang said on Thursday that China is a very important market for the AI chip major after the US imposed a ban on sales of its H20 artificial intelligence chips to the country.
The CSI All Share Semiconductor Index dropped 1.1%.
China is widely expected to leave its benchmark lending rates unchanged at the monthly fixing on Monday, a Reuters survey showed.
Meanwhile, investors are awaiting a press conference on Monday, when regulators are expected to outline their plan for “expanding opening-up of the service sector”.
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