Trade-talk hopes see stocks rise
China stocks rose on Friday, on hopes of positive progress in the ongoing US-China trade talks, to end the first week after the seven-day National Day holiday higher with gains for four consecutive sessions.
The benchmark Shanghai Composite Index jumped 0.88 percent to 2,973.66 points. The smaller Shenzhen Component Index edged up 0.3 percent to 9,666.58 points, while the blue chip CSI300 index closed 0.97 percent higher at 3,911.73 points.
Turnover on the two major bourses continued to expand, adding up to 456.55 billion yuan (US$64.36 billion) compared with 420.58 billion yuan in the previous session.
US President Donald Trump sounded an optimistic note at the end of the first day of trade talks in Washington DC, as reported by Bloomberg. "We had a very, very good negotiation with China," Trump told reporters after the talks wrapped up.
Most industry sectors closed higher according to data from Wind Information, and stocks of 57 companies listed on the A-share markets soared to hit the 10-percent daily cap.
Financial shares picked up strongly to lead the gains today. Shanghai Pudong Development Bank Co rose 4.1 percent and stocks of four other banks all edged up by over 3 percent. In terms of non-bank financial shares, Ruida Futures Co surged by the daily limit of 10 percent, while Nanhua Futures Co and Polaris Bay Group Co both jumped over 7 percent.
The petroleum and petrochemical sector, building material firms, household appliance companies and transportation shares were all among big gainers.
For the four-session week, the Shanghai Composite Index posted a weekly rise of 2.36 percent reversing the declines for the past three weeks in a row.
Also, total turnover on the Shanghai market skyrocketed to 642.8 billion yuan, compared with 142.5 billion yuan in the previous week.