Stocks end higher amid continuing recovery

China stocks ended higher on Friday to post weekly gains as upbeat industrial profits pointed to a continued recovery.

At close, the Shanghai Composite Index rose 1.14 percent to 3,408.13 points. The Shenzhen Component Index climbed 0.67 percent to 13,690.88 points. The bluechip index CSI300 soared 1.24 percent to 4,980.77 points.

For the week, CSI300 gained 0.8 percent, while the Shanghai index added 0.9 percent. Foreign investors bought 16.85 billion yuan (US$2.56 billion) via the Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong.

Profits at Chinese industrial firms rose 28.2 percent in October year on year to 642.91 billion yuan, official data showed on Friday, pointing to a steady recovery in the manufacturing sector after it was hit by the COVID-19 pandemic.

The banking industry led the gains with all 37 bank shares increasing in price. For the week, the banking sector jumped 4.38 percent, the top gainer.

Shares of Xiamen Bank hit the daily limit of 10 percent, while Industrial and Commercial Bank of China, China’s largest bank, rose more than 6 percent.