China, Hong Kong stocks head for second week of gains on tariff relief
HONG KONG: China and Hong Kong stocks rose on Friday and were heading towards second consecutive weekly gains, as sentiment stabilized after White House toned down its harsh stance on China despite no signal of concrete progress on trade deals.
China and Hong Kong stocks end steady
At the midday break, the Shanghai Composite index climbed 0.2% at 3,302.19, and China's blue-chip CSI300 index rose 0.4%.
In Hong Kong, the Hang Seng Index jumped 1.4%. That brought the gains for the holiday-shortened week to 3.8%, the best performance in nearly two months.
The three indexes were all standing at their highest levels since April 3, after US President Donald Trump announced 'reciprocal tariffs' on US imports and triggered a market rout across the globe. The benchmarks are also all on track to notch up a second week of gain.
The White House this week is considering easing tensions with China, and Trump said on Thursday that trade talks between the two countries were underway.
That follows US Treasury Secretary Scott Bessent saying earlier this week that de-escalation was necessary for the world's two largest economies to rebalance their trading relationship.
'Any progress towards a trade deal helps to settle markets concerns over the worst-case scenario of a full decoupling of the world's two largest economies,' said Eugene Hsiao, head of China equity strategy at Macquarie Capital, Hong Kong.
Still, markets will be in wait and see mode at the moment given the recent volatility, he added.
Tech shares lifted both onshore and offshore markets on Friday. The CSI Artifical Intelligence Index added 1.4% and the chip sector sub-index erased earlier losses to climb 0.1%.
The Hang Seng Tech Index jumped 1.9% in Hong Kong.
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