High-tech shares drive growth on the Chinese stock market
Major stock indices in China rose on Friday, posting weekly gains thanks to the high-tech firms’ rally, while investors welcomed the potential progress in US-China trade negotiations. Shares of most companies in the new technology platform, STAR Market, fell on Friday in a take-profit move, posting significant gains in the first week of trading.
CSI 300 blue chip index rose 0.2% to 3.858.57 points as the Shanghai Composite Shanghai Stock Exchange Index also advanced by 0.2%, to 2.944.54 points. For the week, CSI300 scored 1.3%, while SSEC climbed 0.7%. Investors remain focused on the development of Sino-US trade negotiations.
The White House announced on Wednesday, that High-ranking US officials will visit China on Tuesday, July 30, for talks “aimed at improving trade relations between the US and China,”. Tech stocks led the weekly increase. IT-index CSI rose by 5%, while the index, which tracks the main telecommunications companies, gained 3%.
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