Chinese stocks extend gains

Reuters Updated - January 24, 2018 at 02:43 PM.

Chinese stocks climbed higher on Friday as gains on Shenzhen's ChiNext Composite, focused on small cap and tech stocks, outstripped blue chip heavy Shanghai.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 0.9 per cent to 3,635.15, while the Shanghai Composite Index gained 1.2 per cent to 3,376.50 points.

For the week, the CSI300 climbed 2.5 per cent and the Shanghai Composite rose 2.8 per cent.

The ChiNext Composite climbed 2.8 per cent to end the day at 1,705.43.

The premium between dual-listed companies in the mainland and Hong Kong hit 133.62, its highest point since October 2011, as the markets once again moved in opposite directions.

Trainmaker China CNR hit the upper 10 per cent trading limit, as it is viewed as a favourite to win a major Mexican rail project.

The CSI300 banking sub-index gained following the morning's announcement that the central bank would increase relending quotas to banks by $8.1 billion.

The energy sub-index gained 0.7 per cent after the National Energy Administration released data that China consumed 3.8 per cent more energy in 2014 compared to the previous year.

Among the most active stocks in Shanghai were Bank of China , up 2.7 per cent at 5.00 yuan; Agricultural Bank of China, up 2.1 per cent at 3.94 yuan; and Bank of Communications, up 5.3 per cent at 7.21 yuan.

In Shenzhen, Guosen Securities, down 1.2 per cent at 23.68 yuan; TCL Corp, up 1.3 per cent at 4.02 yuan; and BOE Technology, up 0.9 per cent at 3.29 yuan, were among the most actively traded.

Foreign investment flowing into Shanghai from Hong Kong through the mutual market access pilot programme took up 13 billion yuan of the 13 billion yuan daily quota.

Total volume of A shares traded in Shanghai was 33.9 billion shares, while Shenzhen volume was 14.7 billion shares.

Published on January 16, 2015 06:22