Chinese stocks changed weakly on Friday, showed strongest weekly drop in 2 months

Chinese stocks changed weakly on Friday, showed strongest weekly drop in 2 months

Chinese stocks changed slightly on Friday, posting strongest weekly drop in 2 months

SHANGHAI (Reuters) – Chinese stocks were largely unchanged in Friday trading, but posted their worst weekly decline since mid-July amid renewed global increases in coronavirus cases that have raised concerns about the pace of global economic recovery.

The recent slump in overseas stock markets in response to coronavirus concerns has put pressure on A-stocks (yuan-denominated stocks of companies traded in Shanghai and Shenzhen), while investors tend to be more cautious ahead of the holiday season. a whole week (October 1-8), said Zhang Chengyu of Shiji Hongfan Asset Management Co.

Geopolitical tensions, including at the Sino-Indian border and in the Taiwan Strait, also worry investors, he added.

The Shanghai Composite Index dropped 0.12% to 3.219.42 points, while the blue-chip CSI300 Index added 0.15% to 4.570.02 points.

Since the beginning of the week, the CSI300 has dropped 3.5%, the Shanghai Composite – 3.6%, which was the highest decline since July 17 for both indices.

The financial sector sub-index climbed 0.33%, the consumer goods sector added 0.45%, the real estate index fell 2.21% and the health sector rose 0.26%.

The ChiNext Composite Startup Index rose 0.18% on Friday, but declined 2.1% for the week.

Shanxi Guoxin Energy Corp Ltd, Shanxi Guoxin Energy Corp Ltd and Guangdong Champion Asia Electronics Co Ltd led the rise, gaining 10.13%, 10.05% and 10.02% respectively.

The leaders in the decline were Tianjin Benefo Tejing Electric Co Ltd, Changshu Fengfan Power Equipment Co Ltd and Guangzhou Pearl River Industrial Development Co Ltd, which lost 10.05%, 10.03% and 10.02%, respectively.

The Hong Kong index fell 0.32% to 23.235.42 points, while the Hang Seng China Enterprises index sank 0.73% to 9.302.59 points.

(Reuters Office in Shanghai. Translated by Vladimir Sadykov. Editor Anna Kozlova)

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