China stocks end week higher, bolstered by consumer gains

* SSEC 0.3%, CSI300 0.5% * HK->Shanghai Connect daily quota used -0.2%, Shanghai->HK daily quota used 8.4% * FTSE China A50 +0.3% SHANGHAI, Aug 16 () – China stocks closed up on Friday to end the week higher, aided by gains for consumer firms, as Beijing moves to boost consumption further to tackle slowing economic growth. ** The blue-chip CSI300 index rose 0.5%, to 3,710.54, while the Shanghai Composite index rose 0.3% to 2,823.82. ** For the week, CSI300 was up 2.1%, while SSEC gained 1.8%. ** China’s state planner said on Friday it will roll out a plan to boost disposable income this year and in 2020 to spur consumption as the economy slows, but it gave few details. ** Leading a rise in the market, the CSI300 consumer staples index rose 1.3% on Friday. ** The strong gains also followed a raft of solid earnings reports by leading brands, including Tsingtao Brewery and Foshan Haitian Flavouring. ** However, analysts expressed caution given various uncertainties at this moment. ** The A-share market could continue to be range-bound until any signs of strong positive signals, amid global recession fears and lingering Sino-U.S. trade tensions, Shanxi Securities said in a report. ** U.S. President Donald Trump said on Thursday that U.S. and Chinese negotiators were holding “productive” trade talks and expected them to meet in September despite U.S. tariffs on over $125 billion worth of Chinese imports taking effect Sept. 1. ** Nonetheless, China on Thursday vowed to counter the latest U.S. tariffs on $300 billion of Chinese goods but called on the United States to meet it halfway on a potential trade deal. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.38%, while Japan’s Nikkei index closed up 0.06%. ** At 07:15 GMT, the yuan was quoted at 7.045 per U.S. dollar, 0.17% weaker than the previous close of 7.0333. ** The biggest percentage gainers in the main Shanghai Composite index were DuZhe Publishing & Media Co Ltd up 10.06%, followed by ZheJiang JiHua Group Co Ltd gaining 10.05% and HPGC Renmintongtai Pharmaceutical Corp up by 10.03%. ** The biggest percentage losers in the Shanghai index were Junhe Pumps Holding Co Ltd down 10.02%, followed by Grace Fabric Technology Co Ltd losing 7.94% and Olympic Circuit Technology Co Ltd down by 5.34%. ** As of 07:16 GMT, China’s A-shares were trading at a premium of 30.67% over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom; Editing by Shounak Dasgupta)Our Standards:The Thomson Trust Principles.