China's main equity indexes advance on Friday

China’s main equity indexes advanced, as hopes rose for more easing from US Federal Reserve.

New York Federal Reserve President John Williams said on Thursday the central bank needed to “act quickly” when the economy was slowing, leading to rising expectations the central bank could ease monetary policy more than expected.

The real estate, banking and nonferrous metals will be the biggest beneficiaries of any rate cut.

Boosted by the news, real estate firms climbed 1.55 percent to lead the gains with Shenzhen Properties & Resources Development (Group) Ltd hitting the daily cap.

Securities and gold shares also performed strongly.

At the close of market hours, the Shanghai Composite Index finished higher 0.79 percent at 2,924.20, the Shenzhen Component Index advance 0.81 percent to end at 9,228.55, and the blue chip CSI300 index added 1.05 percent to close at 3,807.96.

Turnover on the two major bourses totaled 350.0 billion yuan (US$50.88 billion), shrinking form 363.06 billion yuan in the previous trading season.