The Shangai Composite Index Closes 1.61% Lower

The Shangai Composite Index went up by 6 points or 0.15 percent on Friday to close at 3713 points. The rise was led by Anhui Conch Cement (5.31%), BAIC BluePark (4.65%) and Poly Real Estate (3.80%). On the downside, the weakerst performers were Sanan Optoelectron (-5.57%), Yonyou Soft (-3.66%) and Bank Of China (-3.12%).

The Shanghai Composite rose 0.24% to 3,716.3 on Friday, while the Shenzhen Component fell 0.12% to over one-year low of 11,802.5, as investors weighed persistent China-EU trade tensions. The EU is considering new powers to restrict access to its single market and assessing import data for potential surges, a first step toward imposing quotas on additional goods. Meanwhile, China has warned of retaliation against new EU trade measures or discriminatory restrictions targeting Chinese companies or products. Meanwhile, China stepped up efforts to stabilize its stock market by urging companies and state funds to buy shares and encouraging some investors to rein in selling. Energy stocks were among the gainers, particularly PetroChina (1.35%) and Sinopec (2.03%). In contrast, CATL (-0.54%), NAURA Technology (-2.68%), and East Money Information (-1.15%) lagged. Over the week, the Shanghai Composite declined 2.56%, while the Shenzhen Component plunged 6.64%.

The Shangai Composite Index fell 61 points or 1.61 percent on Thursday to close at 3706 points. Leading the losses are China Molybdenum (-6.79%), China Fortune (-5.60%) and Poly Real Estate (-4.38%).