Market rebounds, but closes lower for the week

Huang Yixuan
Several stocks hit the daily 10 percent price rise cap. Better-than-expected trade data also added strength to trade.
Huang Yixuan

Shanghai stocks reversed four days of losses on Friday, boosted by gains among newly listed stocks, but the main index closed down for the week.

The benchmark Shanghai Composite Index rose 0.55 percent for the day to close at 3,289.99 points , with turnover up 2.5 percent to 165.76 billion yuan (US$25.05 billion).

The market closed down 0.83 percent over the week and turnover fell 2.6 percent to 935.2 billion yuan.

On Friday, Newly-listed Xiangpiaopiao Food Co Ltd, Suzhou Jin Hong Shun Auto Parts Co Ltd and GuangDong GenSho Logistics Co Ltd all hit the daily limit of 10 percent.

Stocks related to new retailing also posted gains. Yonghui Superstores Co Ltd hit the maximum daily cap of 10 percent with the information that Tencent is investing heavily in the fresh supermarket owned by Yonghui Superstores. 

Sanjiang Shopping Club Co Ltd gained 6.92 percent and Shanghai Bailian Group Inc Company rose by 4.83 percent.

Companies involved in 5G mobile technology were also strong gainers — Hangzhou Freely Communication Co Ltd rose the maximum 10 percent.

International trade data also spurred the market.

"Chinese imports and exports in November were generally better than expected according to data from the General Administration of Customs, which also had a positive influence on the market," Guodu Securities said in a research note.

China's exports increased 10.3 percent while imports surged 15.6 percent in November, beating market expectations, official data showed Friday.

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