SHANGHAI, Dec. 25 (Reuters) – Chinese stocks rose Friday to post weekly gains, as the Brexit deal helped lift sentiment and as investors chewed Beijing’s continued policy support.
** The CSI300 blue-chip index rose 0.8%, to 5,042.01, while the Shanghai Composite Index closed 1% higher at 3,396.56.
** The ChiNext tech-heavy starter board confirmed 0.7%, while the STAR50 index rose 0.1%.
** Leading the gains on Friday, the CSI300 product index and the CSI300 healthcare index jumped 3.2% and 2.5%, respectively.
** Britain signed a narrow Brexit trade deal with the European Union on Thursday, just seven days before it unveils one of the world’s largest trading blocs in the most important global move since the loss of an empire.
** Also helping to allay concerns about the country’s corporate bond shortfalls, China’s central bank said it would increase its regulation of the bond market by law, voting “zero tolerance” to attack for illegal activities.
** For the week, SSEC added 0.1%, while the CSI300 index burned 0.8%, going up nearly a five-year high, as Beijing promised further support for its economy.
** At the annual Central Economic Work Conference, a gathering of key leaders and policymakers to chart the course of the economy in 2021, China said it would maintain support for economic recovery, avoiding a move toward sudden in policy, to help keep growth within reasonable. range in 2021.
** Looking into 2021, the Shanghai index could hit the 4,000-point level thanks to China’s tough economic recovery and continued policy support, Southwest Securities said in a report.
** Proposed breakdown of companies and cycling companies in the clean energy line while Beijing promises “carbon neutralization”. (Reporting by Shanghai Newsroom; Editing by Raju Gopalakrishnan)