Shanghai shares recover from early slip

Stock markets closed higher on Friday, with most sectors recording gains and the benchmark Shanghai index recovering from the past four trading days. 

China’s stock markets closed higher on Friday, with most sectors recording gains and the benchmark Shanghai index recovering from its not-so-good performance during the past four trading days.

The benchmark Shanghai Composite Index edged up 0.44 percent, or 12.79 points, to close at 2,930.55.

The smaller Shenzhen Component Index rose by 0.66 percent to end at 9,213.38 points, while the ChiNext Index was up 0.26 percent to finish at 1,518.07 points.

Combined turnover of the two bourses came to 330 billion yuan (US$47.92billion), down slightly from the previous day’s 348.6 billion yuan.

Most sectors gained, with chemical companies, leisure service providers and non-banking financials among the top gainers. Shares of Anhui Liuguo Chemical Co Ltd, a company mainly engaged in manufacturing and distributing chemical fertilizers, jumped by the 10 percent daily cap to stand at 5.02 yuan a share.

Tourism firms listed on the A-share market posted strong performance on Friday. You Xin, a senior analyst at Chuancai Securities, was cited by Caixin.com as saying that with relatively strong fundamentals, the catering and tourism sectors are now gaining greater momentum thanks to the long-term consumption upgrades and short-term summer season.

Investors are looking out for the release of Chinese trade data for June to assess the impact of the ongoing Sino-US trade tensions.

Overnight on Wall Street, there were rising expectations that the US Federal Reserve would cut interest rates at its monetary policy meeting in July. Both the 30-stock Dow and the S&P 500 posted record closes, while the Nasdaq Composite slipped 0.1 percent to finish at 8,196.04.

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