SHANGHAI, June 4 (Reuters) - China stocks ended higher on Friday on gains for financial firms, following Beijing’s stamp duty cut proposal, though they post weekly losses amid renewed worries over Sino-U.S. tensions.
** The blue-chip CSI300 index rose 0.5%, to 5,282.28, while the Shanghai Composite Index firmed 0.2% to 3,591.84 points.
** Shenzhen’s start-up board ChiNext rose 1.3%, while Shanghai’s tech-focused STAR50 index added 1.2%.
** Financial firms led the gains on Friday.
** China has proposed an “appropriate reduction” to stamp duty，said a spokesperson for the Legislative Affairs Commission of the National People’s Congress Standing Committee.
** Shares in China’s brokerages firms rose, with the CSI SWS securities index and the CSI300 financials index both up 0.8%.
** Though for the week, CSI300 lost 0.7%, while SSEC slipped 0.2%, after gaining 3.6% and 3.3% in the previous week, respectively.
** The weekly retreat came as investors locked in profits following a robust rally in the past weeks, even as Sino-U.S. tensions weighed.
** U.S. President Joe Biden signed an executive order on Thursday that bans U.S. entities from investing in dozens of Chinese companies with alleged ties to defence or surveillance technology sectors.
** Separately, the investor reaction was also tepid to China’s major birth policy shift as analysts and traders saw limited impact.
** “I believe it will have an impact on China’s longer term economic growth rather than on the stock market,” said Luo Kun, investment manager at Chasing Securities’ equities investment arm.
** “The policy would have limited impact on those couples who already have two children,” he added.
** Consumer and healthcare firms, seen benefiting from the policy, were mixed for the week, with the CSI300 consumer staples index and the CSI300 healthcare index down 2.7% and up 0.5%. (Reporting by Shanghai Newsroom; Editing by Toby Chopra)