Tuesday , January 23 2018
Breaking News
Home / International Markets / China stocks get stable by midday, Hang Seng index adds 0.1%
China stocks get stable by midday, Hang Seng index adds 0.1%

China stocks get stable by midday, Hang Seng index adds 0.1%

SHANGHAI: China stocks stabled by break on Friday, with a key index heading for its first weekly damage since late October, as instability calmed after the market’s latest soar.
A raft of economic data is due later on Friday which could give investors some insight on latest health of the economy.
The CSI index CSI300 was unchanged at 3,183.35 points at the end of the morning session.
The Shanghai Composite Index was flat at 2,925.64 points.
“The recent crazy bull has stopped and the market is back to its normal pace. A sharp rise or fall of the indexes is unlikely in the near-term,” said Zhang Qi, analyst in Haiting Securities in Shanghai.
Mainland shares had rallied for more than two weeks, during which the indexes surged around 30 percent. That came to an abrupt end on Tuesday when the market tanked more than 5 percent.
Since then, market moves have steadied with turnover slowing from record levels. At midday Friday, the turnover of Shanghai Composite was the lowest since Nov. 21.
For this week, the SSEC index was down 0.4 percent. If that remains, the market will have its first weekly fall since the week ended Oct. 24.
The index measuring price differences between dual-listed companies in Shanghai and Hong Kong stood at 113.33.
A value above 100 indicates Shanghai shares are pricing at a premium to shares in the same company trading in Hong Kong.
The Hang Seng index added 0.1 percent to 23,332.01 points. The Hong Kong China Enterprises Index gained 0.5 percent to 11,314.16 points.
“Investors are over-cautious at the moment,” said Alfred Chan, chief dealer at Cheer Pearl Investment Ltd In Hong Kong. “They are waiting for the market to stabilize.”
Wall Street ended higher on Thursday, but Asian investors have mostly focused on the downside of lower energy costs, which dragged down equities here this week.
Oil firms extended their losses in Hong Kong after U.S. crude oil fell below $60 a barrel for the first time in five years. (Additional reporting by the Shanghai Newsroom; Editing by Richard Borsuk)