Shanghai’s benchmark stock index reversed earlier losses and ended higher for the eighth straight session on Friday, recording the longest streak of gains since April.
Chinese stocks also recorded “their best week in two months”, and analysts expect the uptrend to continue, helped by the strengthening yuan.
At the close, the Shanghai index increased by 0.1, while the CSI300 index, which includes the largest companies listed in Shanghai and Shenzhen, increased by 0.32%. Hong Kong’s Hang Seng Index remained closed.
For the week, the SSEC increased by 1.88% and the CSI300 by 1.95%. Both indices recorded their largest weekly increases since the end of October.
Private fund manager Rabbit Fund sees Chinese stocks zig-zagging higher as the economy slowly recovers.
Analysts also expect the market to benefit from the strengthening of the yuan, which recorded its strongest official close in two and a half years on Thursday.
. In TOKYO, the Nikkei index increased by 0.68%, to 50,750 points.
. In HONG KONG, the HANG SENG index remained closed.
. IN SHANGHAI, the SSEC index gained 0.10%, to 3,963 points.
. The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, advanced 0.32%, to 4,657 points.
. In SEOUL, the KOSPI index rose 0.51% to 4,129 points.
. IN TAIWAN, the TAIEX index recorded an increase of 0.65%, to 28,556 points.
. IN SINGAPORE, the STRAITS TIMES index is stable at 4,636 points.
. IN SYDNEY, the S&P/ASX 200 index did not open.
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