Mainland Chinese and Hong Kong stocks end the week on a high note
Shanghai Composite Index rises 1.5 per cent to 3,825.76, the highest since August 17, 2015
The Shanghai Composite Index closed up 1.5 per cent at 3,825.76, the highest since August 17, 2015 and pushing the weekly gain to 3.4 per cent. The CSI 300 Index closed 2.1 per cent higher, taking the increase for the five-day period to 4.1 per cent. The weekly gains for both the benchmarks were the most since November 8.
Shares with 2.53 trillion yuan (US$352.3 billion) were transacted on the mainland’s exchanges, topping the 2-trillion-yuan mark for an eighth straight day.
In Hong Kong, the Hang Seng Index added 0.9 per cent to 25,339.14, bringing the weekly advance to 0.3 per cent and marking its third consecutive week of gains. The Hang Seng Tech Index rose 2.7 per cent. The city’s equity market is now about US$400 billion short of overtaking Japan’s to become the world’s third-largest.
Chipmaker SMIC jumped 10.1 per cent to HK$56.90 after Nvidia reportedly sought a halt to the production of China-focused H20 AI chips. Sportswear maker Li Ning added 8.8 per cent to HK$19.70 after its first-half net income beat estimates. Electric-vehicle carmaker BYD strengthened 2.6 per cent to HK$114.30 and peer Li Auto gained 1.4 per cent to HK$92.25.
Digital health services provider JD Health International declined 1.5 per cent to HK$93.50, and logistics provider ZTO Express lost 1.3 per cent to HK$147.80, while insurance firm AIA slid 0.8 per cent to HK$72.85.