Shanghai stocks have worst week in 5 months on policy worries, foreign selling

📆 7/17/2020 5:32 AM
📰 staronline

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SHANGHAI: Shanghai shares managed to end higher on Friday, but still suffered their worst weekly drop in five months, as China's better-than-expected GDP data fuelled worries over the pace of policy easing, while foreign investors cashed in after a bull run.

At close, the blue-chip CSI300 index was up 0.6% to 4,544.70 points, while the Shanghai Composite Index had added 0.1% for 3,214.13 points.

China stocks posted their biggest fall in more than five months on Thursday, as investors cooled a buying spree on worries of policy tightening after economic growth in the second quarter beat expectations. However, analysts and fund managers said the slump did not mark the end of the bull run and could offer good opportunities to buy on the dip.

"Worries over the pace of the country's policy easing are one of the factors behind the drop on Thursday, but are not sufficient to change the rising trend in the market," he said.

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