SHANGHAI, Nov 21 (Reuters) - China stocks rallied on Friday as profit-taking pressure faded, letting them eke out gains for the week in which the highly-touted landmark link between the Hong Kong and Shanghai exchanges was launched.
Monday’s launch of the “stock connect” had been expected to boost share values and volumes on both bourses, but many investors took advantage of the sharp run-up in prices ahead of the debut to take profits.
The Shanghai Composite Index rose 1.4 percent to 2,487.1 points. The CSI300 index of the largest listed companies in Shanghai and Shenzhen climbed 1.8 percent.
For the week, the SSEC was up 0.3 percent and the CSI300 by 0.1 percent.
Financials sector, particularly brokerages, outperformed on Friday.
CITIC Securities Co Ltd rose 6.7 percent and Haitong Securities Co Ltd 8.3 percent. China Merchants Securities Co Ltd climbed by the 10 percent daily limit.
The available balance on northbound daily quota stood at 10.66 billion yuan at Friday close. (Reporting by Shanghai Newsroom; Editing by Richard Borsuk)