SHANGHAI, Jan 14 (Reuters) - China stocks closed lower on
Friday, as real estate sector woes continued to weigh on
investor sentiment, while recent COVID-19 outbreaks in the
country added to worries about the effect on the economy.
The blue-chip CSI300 index fell 0.8%, to 4,726.73,
while the Shanghai Composite Index lost 1% to 3,521.26
** For the week, the CSI300 index was down 2%, while the
Shanghai Composite Index dropped 1.6%.
** China's exports and imports grew more slowly in December,
but exports came in just above expectations due to ongoing solid
** As the country battles with its latest local COVID-19
outbreaks, the eastern financial hub of Shanghai suspended some
tourism activities. The tourism subindex declined
** "Recent COVID-19 flare-ups in a few large cities are
increasing the pressure on an already slowing economy," HSBC
said in a note.
** "We now expect the central bank to add more stimulus by
delivering a 10bp cut in key policy rates, most likely in the
medium-term lending facilities (MLF) rate, which is most
relevant to the real economy," HSBC added.
** Real estate developers dropped for the
fourth straight session to close down 3.5%, as more
cash-strapped developers scrambled to avert defaults or raise
** Brokerages retreated 2.6%, with CITIC
Securities down 5% following a share placement plan.
Banks declined 2.3%.
** Energy stocks lost 3%, with coal miners
(Reporting by Shanghai Newsroom; Editing by Rashmi Aich)