SHANGHAI, June 25 Reuters China stocks jumped on Friday to snap three straight weekly losses, powered by gains in heavyweight financial firms.
The bluechip CSI300 index rose 1.6 to 5,239.97, while the Shanghai Composite Index advanced 1.2 to 3,607.56.
Financial firms underpinned the market, with the CSI300 financials index jumping 1.7.
The CSI SWS securities index rose 3.1, as Guangdong Golden Dragon Development Inc, BOC International China and East Money Information Co Ltd advanced between 7.2 and 10.
The golden era for Chinese residents to boost equities has arrived, leading to a longterm upbeat cycle for securities firms, SWS Research said in a report.
Residents wealth migration to equities assets are accelerating as other competitive wealth products returns continue to decline, SWS Research added.
For the week, the CSI300 added 2.7 and the SSEC gained 2.3, both ending a threeweek losing streak.
The weekly gains come as Federal Reserve Chair Jerome Powell reaffirmed that the U.S. central bank would not raise interest rates too quickly based only on the fear of coming inflation.
We see declining impact from currency and commodity price moves, while nearterm liquidity support by PBOC could mitigate concerns over macro weakness and rising yield expectation, Morgan Stanley analysts, including Laura Wang, said in a report.
Investor reaction to latest headlines on SinoU.S. tensions was largely muted this week.
The U.S. House of Representatives Foreign…