Chinese stock market fell on Friday ending a sluggish week as most investors took a cautious position on the eve of Labour Day.
The index of “blue chips” CSI300 closed with a decline by 0.1% to 3.156,75 points, Shanghai Composite index also fell by 0.1% to 2.938,32 points.
A week long losing streak for CSI300 averaged 0.6%, while in the past month – 1.9%, and the SSEC index for the same period fell by 0.7 and 2.2 %respectively.
Hong Kong shares slipped more than 1 percent on Friday amid investor pessimism due to falling Japanese stocks on Thursday after the Bank of Japan baffled the markets by deciding to hold off monetary stimulus measures.
Hang Seng fell by 1.5% to 21.067,05 points, the index of China Enterprises – by 1.3% to 8.939,47 points.
Hang Seng lost 1.9% for this week, but gained 1.4 percent in April.
Banking sector shares weakened, as a number of Chinese banks reported almost zero growth of profit in the first quarter amid of increasing bad loans.
Shares of China’s largest lender Industrial and Commercial Bank of China (ICBC) fell by 1.6%.
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