SHANGHAI, July 21 (Reuters) - China’s major stock indexes edged lower early on Friday, but looked set to end higher for the week, aided by strong gains in cyclicals including raw material firms.
Nearly all main sectors were poised for gains in the week, with material shares the best performers, helped by expectations China would continue to push supply-side reforms and keep its economy largely stable.
An index tracking major raw material firms has leapt nearly 5 percent this year, far outperforming the broader market, after they forecast surges for mid-year earnings growth.
Such firms also received support from China’s stronger-than-expected gross domestic product data, released on Monday, which boosted expectations of increasing raw material demand.
China’s economy expanded 6.9 percent in the second quarter, defying expectations for a slight loss of momentum.
The CSI300 index fell 0.1 percent to 3,745.18 points at 2:01 GMT, while the Shanghai Composite Index lost 0.1 percent to 3,241.46 points.
The Hang Seng index added 0.1 percent, to 26,767.88 points, while the Hong Kong China Enterprises Index lost 0.2 percent, to 10,827.80 points. (Reporting by Luoyan Liu and Andrew Galbraith; Editing by Sam Holmes)