SHANGHAI: Chinese stocks recorded a fifth consecutive weekly gain on Friday, despite renewed US-Iran hostilities threatening a fragile ceasefire, while investors await the meeting between Beijing and Washington next week for cues on economic policies.
At the close, the benchmark Shanghai Composite index was flat, while the blue-chip CSI300 Index fell 0.58 percent.
In Hong Kong, the benchmark Hang Seng Index declined 0.87 percent, while the city’s tech shares eased 0.36 percent.
For the week, both the SSEC and CSI300 notched their fifth consecutive weekly gains, the longest winning streak since last July, with the former rising 1.65 percent and the latter up 1.34 percent this week.
The HSI Index has gained 2.39 percent for the week.
The US and Iranian forces clashed in the Gulf, and the UAE came under renewed attack, endangering a month-old ceasefire and shaking hopes for a diplomatic solution to the crisis.
Semiconductor shares led the losses, as investors locked in profit following recent gains. A sub-index tracking the sector lost 2.73 percent.
Shanghai’s tech-focused STAR50 Index dropped 2.29 percent.
“China remains a relative bright spot, supported by strong risk appetite and renewed inflows,” Wee Khoon Chong, APAC macro strategist at BNY, said in a note.
“Geopolitics (Middle East) and next week’s US–China developments are key near-term catalysts.”
Much of the market attention will shift to US President Donald Trump’s visit to China next week and a string of domestic data, including trade on Saturday, inflation on Monday, and credit lending data later next week.
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