China's Market Jitters: Stocks Flat as Bank Shares Weigh Down Gains

On Friday, China's stock markets saw a mixed shopping experience as they closed almost unchanged after giving up earlier gains. This was predominantly due to a slump in bank shares, even as Hong Kong stocks held their ground following a favorable Goldman Sachs upgrade.

The Shanghai Composite index remained nearly static at 3,510.18, despite it reaching a nine-month high earlier in the day. Meanwhile, the rare earth sector rallied by over 5%, climbing to its highest level this year, though banking stocks slid 2.4% after hitting a record high the day before.

In contrast, the Hang Seng Index in Hong Kong closed with a 0.5% rise, supported by biotech and tech shares, particularly following Goldman's market weight rating. Additionally, U.S.-China trade tensions were a point of interest as high-level meetings between officials took place, adding to market waves.

(With inputs from agencies.)