China stocks end week higher, bolstered by consumer gains

China stocks end week higher, bolstered by consumer gains

* SSEC 0.3%, CSI300 0.5% * HK->Shanghai Connect daily quota used -0.2%, Shanghai->HK daily quota used 8.4% * FTSE China A50 +0.3% SHANGHAI, Aug 16 (Reuters) – China stocks closed up on Friday to end the week higher, aided by gains for consumer firms, as Beijing moves to boost consumption further to tackle slowing economic growth. ** The blue-chip CSI300 index rose 0.5%, to 3,710.54, while the Shanghai Composite index rose 0.3% to 2,823.82. ** For the week, CSI300 was up 2.1%, while SSEC gained 1.8%. ** China’s state planner said on Friday it will roll out a plan to boost disposable income this year and in 2020 to spur consumption as the economy slows, but it gave few details. ** Leading a rise in the market, the CSI300 consumer staples index rose 1.3% on Friday. ** The strong gains also followed a raft of solid earnings reports by leading brands, including Tsingtao Brewery and Foshan Haitian Flavouring. ** However, analysts expressed caution given various uncertainties at this moment. ** The A-share market could continue to be range-bound until any signs of strong positive signals, amid global recession fears and lingering Sino-U.S. trade tensions, Shanxi Securities said in a report. ** U.S. President Donald Trump said on Thursday that U.S. and Chinese negotiators were holding “productive” trade talks and expected them to meet in September despite U.S. tariffs on over $125 billion worth of Chinese imports taking effect Sept. 1. ** Nonetheless, China on Thursday vowed to counter the […]

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