SHANGHAI, June 12 (Reuters) - China stocks recouped earlier losses to end higher on Friday, led by tech, as investors cheered Beijing’s pledge to push forward with capital market reforms.
** At the close, the Shanghai Composite index was down 0.04% at 2,919.74, while the blue-chip CSI300 index was up 0.18%.
** Both indexes fell as much as 1.7% soon after the market started trading, weighed down by a slump on the Wall Street.
** Wall Street tumbled on Thursday over growing concerns that a resurgence of coronavirus infections could stunt the pace of recovery in economies reopening from lockdowns.
** For the week, SSEC shed 0.4%, while CSI300 was flat.
** Investors in the A-share market were encouraged after Beijing said it would publish reform policies for the Shenzhen start-up board to bolster its capital markets.
** The reforms are part of Beijing’s continued efforts to seek tech self-sufficiency following its launch of STAR Market last July.
** Leading the gains, the start-up board index ended up 0.5%.
** “Chances for a second wave of coronavirus outbreak are relatively low for us, while liquidity conditions are good at the moment,” said Liu Hongming, fund manager at Beijing-based Dingxin Huijin Asset Management Company.
** Liu attributed the calmness in China’s onshore stock market to a more modest rally in A-shares compared with their U.S. peers.
** China will ensure the special funds allocated from the central government this year will reach city and county levels directly to support firms and residents in difficulties, vice finance minister Xu Hongcai told reporters on Friday.
** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.42%, while Japan’s Nikkei index closed down 0.75%.
** At 07:07 GMT, the yuan was quoted at 7.0833 per U.S. dollar, 0.27% weaker than the previous close of 7.064.
** As of 07:08 GMT, China’s A-shares were trading at a premium of 26.74% over the Hong Kong-listed H-shares. (Reporting by Luoyan Liu and Andrew Galbraith; Editing by Shailesh Kuber)