SHANGHAI: China stocks ended higher on Friday after three straight sessions of losses, while Hong Kong shares fell in conjunction with regional peers amid caution ahead of Federal Reserve Chair Jerome Powell’s speech.
Powell is scheduled to speak at a central bank event in Jackson Hole, Wyoming, later on Friday, where global investors will tune in to gauge the extent and timing of US rate cuts.
At the close, the Shanghai Composite index was up 0.2% at 2,854.37 points.
The blue-chip CSI300 index was up 0.42%, with its financial sector sub-index higher by 1.18%, the consumer staples sector down 0.04%, the real estate index down 0.19% and the healthcare sub-index down 0.21%.
The smaller Shenzhen index ended up 0.08% and the start-up board ChiNext Composite index was unchanged.
Electric vehicle shares led losses this week amid rising trade tensions between China and the European Union, with a gauge measuring the sector falling 2.4% for the week to the lowest level in more than four years.
China’s Commerce Ministry met with automakers and industry associations on Friday to discuss raising import tariffs on large-engined gasoline vehicles, sounding a warning as the European Union nears a tariff decision on Chinese electric cars.
At the close of trade, the Hang Seng index was down 28.90 points or 0.16% at 17,612.10. The Hang Seng China Enterprises index fell 0.08% to 6,219.24.
The sub-index of the Hang Seng tracking energy shares rose 0.6%, while the IT sector dipped 0.56%, the financial sector ended 0.45% higher and the property sector dipped 0.45%.
The top gainer on the Hang Seng was Ping An Insurance Group Co of China Ltd, which gained 3.64%, while the biggest loser was NetEase Inc, which fell 10.28%.
Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.05%, while Japan’s Nikkei index closed up 0.4%.
The yuan was quoted at 7.1365 per US dollar at 0845 GMT, 0.16% firmer than the previous close of 7.148.
Source: Brecorder
