Chinese stocks post 7-session winning streak – Markets

SHANGHAI: Chinese stocks ended the week higher on a seven-session winning streak after a four-day meeting of key leaders concluded on Thursday. Hong Kong stocks suffered their biggest weekly loss in nearly two months.

China’s blue-chip CSI300 Index closed up 0.5% on Friday, marking its seventh straight session of gains, while the Shanghai Composite Index gained 0.2%. Hong Kong’s benchmark Hang Seng fell 2.1%.

Chinese officials acknowledged Friday that the extensive list of economic goals, reemphasized at the end of a major Communist Party meeting this week, contained “many complex contradictions,” pointing to a bumpy road for implementing the policy.

China is expected to release a document with more detailed policy plans soon.

“The market is looking forward to whether there will be a detailed final document next week to further discuss policy guidance and whether there will be a politburo meeting later this month for specific measures,” UBS analysts said.

During the week, the CSI300 index rose 1.9%, while the Hang Seng index fell 4.8%, the biggest weekly loss since late May.

Technology stocks led the way in China, with the CSI Info Tech index rising 1.4%.

A lack of fresh policy support for the struggling property sector has disappointed some investors, with developer shares trading in China and Hong Kong down 2% and 4.2% respectively. Tech giants trading in Hong Kong fell 2.1%.