China Stocks Reverse Losses as State-Linked ETF Buying Picks Up

MT Newswires Live10-23

Chinese shares erased early declines to finish higher on Friday, with investor sentiment buoyed by China state-backed buying of exchange-traded funds

The Shanghai Composite Index, the main gauge of Chinese stocks, closed 0.9% higher to 3,690.48. The Shenzhen Component Index jumped 2.8% to 11,673.83.

The reversal points to renewed official support for the market after several sessions of heavy selling pressure.

Chinese stocks swung into gains as inflows into a basket of ETFs favored by the national team picked up pace.

The CSI 300 Index climbed as much as 1.6% during afternoon trading, recovering from an intraday drop of as much as 1.9%. Friday's gain reduces the index's shortfall from its June high, following its entry into bear-market territory on Thursday, when it had fallen 20% from its June peak.

Gains were capped by reports that the U.S. Treasury plans to restrict American investments in foreign biotechnology firms that could benefit adversaries, potentially curbing funding for Chinese biotech companies as U.S. drugmakers increasingly turn to China for new medicines.

In company news, CSPC Innovation Pharmaceutical (SHE:300765) controlled subsidiary Jushi Biopharmaceutical started a multicenter third-phase clinical trial of SYS6043 for first-line treatment of unresectable recurrent or metastatic triple-negative breast cancer. Shares of the drug company rose 5% Friday.

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