SHANGHAI: China stocks ended the week higher with a seven-session winning streak after the four-day key leadership gathering concluded on Thursday, while Hong Kong shares logged the biggest weekly loss in nearly two months.
China stocks close higher ahead of policy announcements
China’s blue-chip CSI300 Index closed up 0.5% on Friday, logging gains for a seventh consecutive session, while the Shanghai Composite Index gained 0.2%. Hong Kong benchmark Hang Seng was down 2.1%.
Chinese officials acknowledged on Friday the sweeping list of economic goals re-emphasised at the end of a key Communist Party meeting this week contained “many complex contradictions,” pointing to a bumpy road ahead for policy implementation.
China is expected to publish a document with more detailed policy plans in the coming days.
“The market is watching if there will be a detailed final document next week to further debrief policy guidance and the politburo meeting later this month for specific measures,” said analysts at UBS.
For the week, the CSI300 index was up 1.9%, while the Hang Seng index was down 4.8%, marking the biggest weekly loss since late May.
Tech shares led gains in China, with the CSI Info Tech index up 1.4%.
Lack of new policy support for the struggling property sector has let some investors down, with developers’ shares traded in China and Hong Kong down 2% and 4.2%, respectively.
Tech giants traded in Hong Kong were down 2.1%.
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