Shanghai stocks rise after recent slump

Shanghai stocks posted a weekly gain of 0.35 percent, reversing the 2.77 percent loss of the week before.

Shanghai stocks posted a weekly gain of 0.35 percent, reversing the 2.77 percent loss of the week before.

Stocks bounced back yesterday from an earlier slump as gains in the health care and public utilities sectors lifted shares higher.

The Shanghai Composite Index rose 0.23 percent to close at 3,082.23 points on Friday, with turnover growing to 179.5 billion yuan (US$28.32 billion) compared to 163.7 billion yuan on Thursday.

China is open to negotiating with the United States to resolve trade tensions, and the two countries should manage their conflicts through dialogue, Premier Li Keqiang was quoted as saying in state media on Thursday. 

Health care shares, especially stocks of medical equipment companies, led the gain.

Guangzhou Baiyunshan Pharmaceutical Holdings surged by the daily limit of 10 percent, and Tonghua Dongbao Pharmaceutical Co Ltd advanced 9.22 percent to 28.8 yuan.

Coal firms also gained, with China Coal Xinji Energy Co Ltd rising 6.27 percent, Yunnan Yunwei Company Limited up 4.04 percent, and Yanzhou Coal ending higher by 2.7 percent.

The electricity and public utility sector performed well too, with Yunnan Wenshan Electric Power Co Ltd up 5.77 percent and Grandblue Environment Co Ltd growing 4.43 percent.

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