Shanghai stocks finish week in positive territory

Ding Yining
Local equities were buoyed by optimism for a "big deal" in China-US trade talks. Insurers and brokerages were among the day's biggest winners.
Ding Yining
Shanghai stocks finish week in positive territory

Shanghai stocks climbed higher on Friday for a weekly gain of 1.99 percent amid strong performances from blue chips and optimism that talks on a China-US trade deal might soon bear fruit.

The benchmark Shanghai Composite Index gained 1.78 percent on the day to close at 2,967.68.

Insurers and brokerages buoyed the index amid the upbeat sentiment.

Both Everbright Securities and Industrial Securities jumped 4.15 percent, while Haitong Securities went up 3.23 percent to 14.71 yuan (US$2.11) per share.

China Life Insurance hiked 5.87 percent to 35.69 yuan and China Pacific Insurance Group Co advanced 3.57 percent to 37.10 yuan.

Other Asian markets also posted gains after US president Donald Trump tweeted that the US and China were nearing a “big deal.”

The market was further lifted after the US Federal Reserve's latest decision to leave interest rates unchanged.

Gold producers, meanwhile, were lukewarm on Friday. Shandong Gold Mining Co went down 1.66 percent to 30.88 yuan and Zhongjin Gold Mining Co dipped 0.25 percent to 8.01 yuan.

Among analysts, Galaxy Securities believes the financial sector could pick up due to the increasingly important role financial services will play in China's future economic development.

Huatai Securities also tipped possible gains for lithium battery and semiconductor makers, which are expected to benefit from government support for high-tech industries.

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