September 28, 2018 / 7:39 AM / in 3 months

China stocks post second weekly gain on Beijing stimulus, index inclusion

SHANGHAI, Sept 28 (Reuters) - China stocks ended higher on Friday, marking their second consecutive weekly gain, aided by Beijing’s stimulus measures to offset the impact of a trade war and on expectations that more Chinese shares will be included in mainstream global benchmarks.

** The blue-chip CSI300 index ended 1 percent higher at 3,438.86, while the Shanghai Composite Index closed up 1.1 percent at 2,821.35 points.

** For the week, CSI300 rose 0.8 percent, and SSEC gained 0.9 percent. China’s financial markets will be closed next week for the National Day holiday.

** U.S. President Donald Trump’s administration started levying additional tariffs on $200 billion of Chinese goods on Monday. Beijing retaliated with fresh tariffs on $60 billion of U.S. products, and has unveiled a raft of stimulus measures to support consumption and economic growth.

** Hopes that more China stocks will be included into mainstream global equity benchmarks helped heal battered investor confidence. FTSE Russell said on Thursday it will start including mainland shares in its flagship indexes from June next year, while rival MSCI said it would consider boosting the Chinese shares weighting in its indexes next year.

** A Reuters survey showed Chinese fund managers boosted their suggested equity exposure to a seven-month high in September, while cutting recommended exposure to cash and bonds. ** The CSI300 financial sector sub-index ended higher by 1.17 percent, the consumer staples sector up 0.99 percent, the real estate index closed down 0.13 percent and healthcare sub-index up 1.12 percent. ** The smaller Shenzhen index ended up 0.84 percent and the start-up board ChiNext Composite index was higher by 0.78 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.06 percent, while Japan’s Nikkei index closed up 1.36 percent. ** At 0721 GMT, the yuan was quoted at 6.883 per U.S. dollar, 0.09 percent firmer than previous close of 6.889. (Reporting by Shanghai Newsroom, Editing by Sherry Jacob-Phillips)

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