China stocks end higher as banks lend support
Friday, 24 August 2018 14:41 WIB | MARKET UPDATE |The Shanghai Composite IndexSaham Cina Shanghai composite

China stocks ended marginally higher on Friday, aided by strength in banking shares.

The blue-chip CSI300 index ended 0.2 percent higher at 3,325.33 points, while the Shanghai Composite Index closed 0.2 percent firmer at 2,729.43 points.

For the week, SSEC gained 2.3 percent while the CSI300 was up 3.0 percent.

Major indexes were down earlier in the day after trade talks between Washington and Beijing ended without any progress.

U.S. and Chinese officials ended two days of talks on Thursday without any progress. Meanwhile their trade war escalated with activation of another round of duelling tariffs on $16 billion worth of each country™s goods.

Gains were led by banking sector, up 2.1 percent. Ping An Bank rallied as much as 9.8 pct to a more than two-month high; analysts see improvement in profitability and asset quality.

Source: Reuters

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