SHANGHAI: Stocks in China ended higher on Friday, but the Shanghai Composite index and blue-chip shares closed lower for the week, as a deadline for public comments on fresh U.S. trade tariffs expired.
At the close, the Shanghai Composite index was up 10.71 points or 0.4 percent at 2,691.59. The index is down 0.8 percent for the week. The blue-chip CSI300 index ended 0.45 percent higher, but was down 1.7 percent for the week.
The CSI300 financial sector sub-index rose 0.8 percent and the real estate index ended up 0.94 percent.
The Trump administration is ready to move ahead with a next round of tariffs on $200 billion worth of Chinese imports after a public comment period ended at midnight in Washington on Thursday (0400 GMT Friday), but the timing is uncertain, people familiar with the administration’s plans told Reuters.
China has warned of retaliation if the United States introduces new tariffs, a foreign ministry spokesman said on Thursday.
Healthcare shares rose after two days of losses, with the sub-index of the CSI300 tracking healthcare firms, rising as much as 2.7 percent in the morning session before ending the day 1.9 percent higher.
The gains follow heavy selling of healthcare shares in recent months amid a vaccine scandal that has undermined confidence in healthcare and consumer firms. The healthcare sub-index is down more than 23 percent from late-May highs. Consumer firms ended 1 percent higher on Friday.
Airlines took off as investors hunted for bargains after losses in recent months due to a weak yuan and rise in oil prices. Juneyao Airlines Co Ltd gained 7.6 percent, China Eastern Airlines finished 2.8 percent higher and China Southern Airlines ended up 0.8 percent.
The smaller Shenzhen index ended 0.11 percent firmer while the start-up board, ChiNext Composite index, was higher by 0.17 percent.
Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.26 percent, while Japan’s Nikkei index closed down 0.8 percent.
At 07:14 GMT, the yuan was quoted at 6.8386 per U.S. dollar, 0.17 percent weaker than the previous close of 6.8267.
The largest percentage gainers in the main Shanghai Composite index were Ningxia Xinri Hengli Steel Wire Rope Co Ltd , up 10.07 percent, followed by Gansu Gangtai Holding Group Co Ltd, up 10.03 percent, and Zhejiang Tiancheng Controls Co Ltd, up 10.03 percent.
The largest percentage losers in the Shanghai index were Nanjing Central Emporium Group Stocks Co Ltd, down 9.97 percent, followed by Dawning Information Industry Co Ltd , down 8.25 percent and China National Software & Service Co Ltd, down 6.71 percent.
So far this year, the Shanghai stock index is down 18.3 percent, the CSI300 has fallen 18.7 percent while China’s H-share index listed in Hong Kong is down 9.7 percent. Shanghai stocks have declined 0.84 percent this month.
About 10.75 billion shares were traded on the Shanghai exchange, roughly 88.3 percent of the market’s 30-day moving average of 12.18 billion shares a day. The volume in the previous trading session was 9.90 billion.
As of 07:16 GMT, China’s A-shares were trading at a premium of 19.65 percent over the Hong Kong-listed H-shares.
The Shanghai stock index is below its 50-day moving average and below its 200-day moving average.
The price-to-earnings ratio of the Shanghai index was 11.32 as of the last full trading day, while the dividend yield was 2.7 percent.
So far this week, the market capitalisation of the Shanghai stock index has fallen by 1.24 percent to 28.66 trillion yuan. - Reuters
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