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The lower-than-expected revenue of the U.S. chipmaker Broadcom contributed to the renewed tech sell-off in the Chinese stock market this week, said a market analyst Timothy Pope on Friday.

Chinese stocks closed lower on Friday, with the benchmark Shanghai Composite Index down 0.74 percent to 4,027.74 points, and the Shenzhen Component Index closing 2.21 percent lower at 15,314.7 points.

Meanwhile, the ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 3.2 percent to close at 3,957.93 points Friday, and the STAR Composite Index, which reflects the performance of stocks on China's sci-tech innovation board, closed 2.4 percent lower at 2,025.38 points.

"The markets here on the Chinese mainland ended the week with some modest losses again. For the week, the Shanghai Composite Index shed a little over a quarter of one percent. Today the index was down 0.7 percent. There was renewed selling in tech stocks. So, we saw the tech-heavy indexes lose out a little bit more. The Shenzhen Component [Index] 2.2 percent, the ChiNext board was down 3.2 percent and the STAR 50 off by 4 percent," said Pope.

He said the lower-than-expected revenue of Broadcom contributed to the tech selloffs that dragged the index down.

"There are two parts to this and the first shouldn't be underestimated, and that's just the general weekly cycle at the moment. The market seems to have entered a consolidation phase. While there's a will to invest, there's not a huge amount of risk appetite, so Friday profit taking has become the norm. The second part is the overnight news out of the U.S., where Broadcom, the chip maker, posted revenue, which was below what the market had been expecting and also notably a surprisingly soft forecast for its AI chip revenue for the current quarter. But for Chinese mainland investors, this Broadcom news is really more of a market sentiment spillover, I think, rather than any direct reflection on the local AI sector where we really have a lot of positive news lately. Still, we did see the big chip stocks down today - Hua Hong Grace, Cambricon, and Gigadevice - all of those traded pretty sharply lower," said Pope.

Pope said the financial sector led the gains with major banks being the biggest winners.

"Financials were picking up the slack a little earlier on in the session but they couldn't offset the losses. The big banks, though, accounted for most of the winners on the Shanghai Composite today. Bank of China, ICBC and Agricultural Bank of China were the top contributors to gains," said Pope.