Chinese stocks make a turnaround on the last trading day of the week

Chinese stocks recovered on the last trading day of the week, with infrastructure companies and coal miners leading the gains while the broader technology sector under pressure.

Chinese stocks made a turnaround on the last trading day of the week, with infrastructure companies and coal miners leading the gains and the broader technology sector under pressure.

The Shanghai Composite Index ended the trading week up by 0.40 percent, or 10.71 points, to 2,702.30. After going through much fluctuation, the benchmark saw a cumulative weekly loss of 0.84 percent.

The smaller Shenzhen Component Index remained almost flat to finish at 8,322.36 points, while the Nasdaq-style ChiNext enterprise board climbed by 0.17 percent to 1,425.23.

Buoyed by the strong performance of infrastructure companies and coal miners, the key Shanghai Component Index regained the ground of the 2,700 mark in the afternoon trading session.

Chengdu Road & Bridge Engineering Co Ltd, which offers services including infrastructure construction and upgrades and routine maintenance of roads and municipal projects, saw its shares surge by the daily maximum limit of 10 percent to close at 6.25 yuan (US$0.91).

Following the recent sell-off of tech stocks on the US and Hong Kong markets, technology firms suffered big losses across the board amid Sino-US trade concerns.

In response to the possible imposition of additional tariffs by the US on US$200 billion worth of imported Chinese goods, China's commerce ministry warned on Thursday that the country would retaliate if the US imposes new tariffs.

Raymond Yeung, chief economist at ANZ Research, noted that "an end point" has not been reached in the trade conflict between the world’s top two economy, according to CNBC’s report.


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