China posted its biggest weekly loss in seven weeks while Hong Kong extended its decline for a second week amid trade war uncertainties and lack of positive drivers. The Shanghai Composite ended Friday on an upbeat note, rising 0.1 per cent to 2,932.17 to reverse two days of declines, but that was not enough to lift the benchmark into positive territory for the week. It lost 2.47 per cent through the week: the most in seven. The CSI 300 of large caps in Shanghai and Shenzhen gained 0.3 per cent to 3,852.65. It too saw the largest weekly loss in seven weeks. In Hong Kong, the Hang Seng Index fell 0.3 per cent to 25,954.81, reversing Thursday’s gains and losing just under 2 per cent for the week. “The market was very quiet today because the buying interest was not very strong. The market is still waiting for news in October – interest rate cut, the trade war,” said Kenny Tang Sing-hing, chief executive of China Hong Kong Capital Asset, adding that investors were selling because of the weeklong National Day holiday on the mainland. He said that the turnover and volumes were also low. Weak economic data did not help sentiment either. China’s August industrial profit fell 2 per cent year on year in August to 517.8 billion yuan (US$72.59 billion), according to data released by the National Bureau of Statistics. Profits had risen 2.6 per cent in July. Among industrial stocks, steel companies lost out after the Ministry of Industry and Information Technology said China – the world’s top steelmaker – was still having trouble containing increasing steel capacity – most of which was illegal. On the mainland, Maanshan Iron & Steel lost 0.34 per cent, Baoshan Iron & Steel dropped 1.82 per cent, Angang Steel fell 0.72 per cent, and Hong Kong-listed China Oriental Group shed 2.88 per cent. Geely Automobile Holdings was the largest gainer on the Hang Seng, adding 3.62 per cent. The gains came after New York-listed global fintech company Ideanomics’ Mobile Energy Group said it had finalised its first order of electric vehicle taxis for Chengdu, the capital of China’s southwest province of Sichuan. Hangzhou-based Geely is to supply a total of 15,000 taxi. Already 4,000 cars have already been handed over, with final deliveries due to be completed by the end of December. Ideanomics’ deal was done through a joint venture with Chinese ride-hailing service iUnicorn, as part of a mandate by Sichuan province to convert all licensed taxis to clean energy vehicles. Geely was also upgraded to “buy” by Bank of China International on Thursday, and the target price was raised from HK$11 to HK$15.