Chinese Stocks Finish Trading Week Flat in the Red Despite Steady Rates

Chinese shares finished Friday's session flat in negative territory despite the central bank keeping interest rates steady as concerns over geopolitical tensions still remain.

The Shanghai Composite Index marginally slipped to cap the trading week at 3,359.90. The Shenzhen Component Index fell 0.5%, or 46.93 points, to 10,005.03.

The People's Bank of China kept the one-year loan prime rates or LPR at 3%, while the five-year LPR was also left unchanged at 3.5%.

The rates were kept unchanged after the central bank announced a series of measures, including plans to set up a global center for the digital renminbi and establish a multi-polar global currency system.

Despite tensions around the US tariffs being at bay for now, investors are concerned over ongoing strikes between Iran and Israel and the possibility of the US joining the conflict by destroying Tehran's nuclear facilities.

In corporate news, Henghui Technology 3soared 229% at the closing of its trading debut on the Shenzhen bourse. Its shares closed 42.12 yuan, over three times higher than the initial public offering of 12.80 yuan apiece.

Meanwhile, Jiangsu Huachen Transformer slumped 8.9% following the announcing of plans to issue convertible bonds worth 460 million yuan.

Kangda New Materials dropped 5.2% as it signed a letter of intent to acquire at least a 51% stake of Chengdu-based Zhongke Huami, a specialist in high-reliability integrated circuits for defense and aerospace.