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Chinese stocks completed the third consecutive week of growth due to reporting, the upcoming reforms
 Shares of China rose on Friday, completing the third consecutive week in positive territory thanks to strong corporate reporting and the forthcoming reform of state-owned companies. 02.Sep.17 3:03 PM By Daria Zaytseva Photo Toinnov.com |
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Investors' forecasts were also supported by expectations that the markets will continue to grow on the eve of the congress of the Chinese Communist Party in mid-October, which will allow us to judge the priorities of the leadership of the PRC in the next five years. The blue chip index CSI300 rose 0.2 percent to 3.830.54 points, while the Shanghai Composite Index added 0.2 percent to 3.367.12 points. Over the week, CSI300 rose by 0.9 percent, while SSEC climbed 1.1 percent, confidently holding above the 3,300-point mark that the index overcame last week. Market sentiment on Friday supported private research, which showed that China's production activity in August was growing at the fastest pace in the last six months, confirming the official statistics released yesterday. For a week, shares in the materials sector grew by 4.5 percent due to a long-term construction boom, which contributed to a steady increase in the profits of companies and the strengthening of the renminbi. For this year, the index jumped by more than 30 percent. Shares of banks declined 2 percent in a week, as investors fixed profits after the publication of quarterly results by major lenders. Shares of Hong Kong on Friday fell slightly, staying close to two-year highs due to reporting, a confident growth in production in China and hopes for economic reform of Beijing. | |
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