SHANGHAI, Oct 23 (Reuters)thanks, - China stocks ended lower
on Friday, posting weekly losses, as investors locked in profits
in consumer and healthcare stocks on concerns over lofty
** At the close, the Shanghai Composite index was
down 1.04% at 3,278.00, while the blue-chip CSI300 index
** The smaller Shenzhen index ended down 1.9% and
the start-up board ChiNext Composite index was weaker by
** For the week, the CSI300 declined 1.5%, snapping a
three-week winning streak, while the SSEC shed 1.8%.
** The CSI300 healthcare index and CSI300
consumer staples index fell the most, closing down
3.4% and 2.3%, respectively.
** Analysts said there were worries over high valuations in
some sectors, including consumer, healthcare and tech, as they
have made robust gains so far this year, while concerns about
corporate earnings also weighed.
** The market was dragged down by rising uncertainties
including the ongoing Sino-U.S. tensions, the U.S. election, the
resurgence of coronavirus outbreak in the U.S. and Europe, AJ
Securities noted in a report.
** Shares in Chongqing Fuling Zhacai Group
tumbled to their 10% daily trade limit after slower profit
** Market participants are also keeping an eye on the U.S.
election, as U.S. President Donald Trump and Democratic
challenger Joe Biden offered sharply contrasting views on the
still-raging COVID-19 pandemic at the final presidential debate
ahead of the Nov. 3 election.
** China's top leaders will chart the country's economic
course for 2021-2025 at a key meeting starting on Monday,
seeking to balance growth and reforms to avoid stagnation amid
an uncertain global outlook and deepening tensions with the
** Around the region, MSCI's Asia ex-Japan stock index
was weaker by 0.26%, while Japan's Nikkei index
closed up 0.18%.
(Reporting by Shanghai Newsroom; Editing by Aditya Soni)