Asian equities ended the week on a high note, as Mainland China and Hong Kong outperformed and the Philippines underperformed.

State-owned insurers and mutual funds are expected to play a pivotal role in the process of stabilizing the stock market.

On Monday, Hong Kong-listed growth stocks had a strong day, as the Hang Seng Index gained +1.75% and the Hang Seng Tech Index gained +2.59% following U.S. President Donald Trump and China President Xi Jinping’s Friday phone call that took place after Asia markets closed and before the U.S. markets opened.

Beijing is seeing diminishing returns on repeated attempts to reinvigorate the market, as investors worry about harder-to-control economic fundamentals, like weak consumer spending and the prolonged property crunch.

China announced plans on Thursday to channel hundreds of billions of yuan of investment from state-owned insurers into shares as part of the government's latest efforts to support a struggling stock market.