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China stocks end week higher, bolstered by consumer gains

Reuters | Beijing | Updated: 16-08-2019 13:36 IST | Created: 16-08-2019 13:09 IST
China stocks end week higher, bolstered by consumer gains
Image Credit: StoryBlocks

China stocks closed up on Friday to end the week higher, aided by gains for consumer firms, as Beijing moves to boost consumption further to tackle slowing economic growth.

The blue-chip CSI300 index rose 0.5%, to 3,710.54, while the Shanghai Composite index rose 0.3% to 2,823.82. For the week, CSI300 was up 2.1%, while SSEC gained 1.8%.

China's state planner said on Friday it will roll out a plan to boost disposable income this year and in 2020 to spur consumption as the economy slows, but it gave few details. Leading a rise in the market, the CSI300 consumer staples index rose 1.3% on Friday.

The strong gains also followed a raft of solid earnings reports by leading brands, including Tsingtao Brewery and Foshan Haitian Flavouring. However, analysts expressed caution given various uncertainties at this moment.

The A-share market could continue to be range-bound until any signs of strong positive signals, amid global recession fears and lingering Sino-U.S. trade tensions, Shanxi Securities said in a report. U.S. President Donald Trump said on Thursday that U.S. and Chinese negotiators were holding "productive" trade talks and expected them to meet in September despite U.S. tariffs on over $125 billion worth of Chinese imports taking effect Sept. 1.

Nonetheless, China on Thursday vowed to counter the latest U.S. tariffs on $300 billion of Chinese goods but called on the United States to meet it halfway on a potential trade deal. Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.38%, while Japan's Nikkei index closed up 0.06%.

At 07:15 GMT, the yuan was quoted at 7.045 per U.S. dollar, 0.17% weaker than the previous close of 7.0333. The biggest percentage gainers in the main Shanghai Composite index were DuZhe Publishing & Media Co Ltd up 10.06%, followed by Zhejiang JiHua Group Co Ltd gaining 10.05% and HPGC Renmintongtai Pharmaceutical Corp up by 10.03%.

The biggest percentage losers in the Shanghai index were Junhe Pumps Holding Co Ltd down 10.02%, followed by Grace Fabric Technology Co Ltd losing 7.94% and Olympic Circuit Technology Co Ltd down by 5.34%. As of 07:16 GMT, China's A-shares were trading at a premium of 30.67% over the Hong Kong-listed H-shares.


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