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2020-06-05 12:30:00

CHINA'S INDEXES UP

CHINA'S INDEXES UP

REUTERS - JUNE 5, 2020 -  The Chinese stock market climbed on Friday, wrapping up its best week in three months, as investors bet on Beijing to deliver more help for the economy as it recovers from the coronavirus outbreak and faces fresh tensions with the United States.

The Shanghai Composite index closed up 0.4% at 2,930.80. The blue-chip CSI300 index gained 0.5%.

 CSI300's financial sector sub-index rose 0.2%, the consumer staples sector climbed 0.4%, while the real estate index fell 0.9%.

The smaller Shenzhen index gained 0.2%. The start-up board ChiNext Composite index was up 0.7%.

The CSI300 rose 3.5% from last week and the Shanghai Composite gained 2.8% in their best week since early March, owing largely to gains earlier in the week on expectations of fresh policy support from the Chinese government.

If "policy (support) continues to move forward, then it will help market confidence to rise," analysts at Dongguan Securities said in a note.

 Aggregate year-to-date net purchases by foreign investors using the Stock Connect link hit a new high at $12 billion on Thursday, according to a BNP Paribas report. Those investors were also net buyers on Friday.

 U.S. Secretary of State Mike Pompeo said on Thursday that Nasdaq's recent decision to tighten listing rules for China-based companies should be "a model" for all other exchanges around the world.

 Beijing and Washington clashed throughout the week over airlines operation, Hong Kong's trade status and human rights issues.

The People's Bank of China drained a net 450 billion yuan ($63.3 billion), the biggest weekly net drain since mid-February, compared with 670 billion yuan of net injection a week earlier. ** About 21.74 billion shares were traded on the Shanghai exchange on Friday. The volume in the previous trading session was 22.66 billion.

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Tags: CHINA, INDEXES, SHARES, STOCKS, BONDS
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