Friday retreat can't blunt week's sharp rise

Huang Yixuan
Despite losses on the final-day's session, the Shanghai index recorded its biggest weekly gain since June 2015 while Shenzhen had its biggest weekly rise since December 2014.
Huang Yixuan

China stocks retreated on Friday from earlier rallies but still posted a sharp rise for the week.

The benchmark Shanghai Composite Index tumbled 1.95 percent to 3,383.32 points, while the smaller Shenzhen Component Index fell 0.61 percent to 13,671.24 points.

The ChiNext Composite Index, meanwhile, edged up 0.75 percent to 2,778.46 points, while the blue chip CSI300 Index closed 1.81 percent lower at 4,753.13 points.

Despite the losses on Friday, the Shanghai index was up 7.31 percent this week, its biggest weekly gain since June 2015; the Shenzhen index jumped 9.96 percent to record its biggest weekly rise since December 2014; and the weekly rise of 12.83 percent in the ChiNext Composite Index surpassed the 12.56 percent increase in the week of March 18, 2016, to become an all-time high, according to data from Wind Information.

Turnover on the two major bourses shrank to 1.61 trillion yuan (US$230 billion) on Friday from Thursday’s 1.72 trillion yuan. 

For the week, the trading volume on the Shanghai Stock Exchange topped 3.7 trillion yuan, compared with 1.9 trillion yuan the week before.

In terms of individual shares, stocks of nearly 150 listed companies soared over 9 percent in the session, while five lost more than 9 percent.

Banks were among the biggest decliners, with Qingdao Rural Commercial Bank Corp, Jiangsu Zhangjiagang Rural Commercial Bank Co and China Zheshang Bank all losing over 6 percent.

Precious metal shares also retreated from earlier bump-ups to lead falls in the session. Zijin Mining Group Co, Chifeng Jilong Gold Mining Co and Shengda Resources Co all shed more than 6 percent.

The insurance sector, coal firms and shares related to electronic cigarettes all performed weakly, while technology shares such as the chip sector and photoresist companies gained.

On the STAR Market, 47 of the 123 listed firms rose, while the rest declined. Jiangsu Yunyong Electronics and Technology Co jumped sharpest by 468.05 percent, while QuantumCTek Co lost 8.75 percent.

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