China’s
stocks capped a second week of gains as consumer-staples producers
rallied on improving earnings prospects, while property developers
halted a three-day slide.
The
Shanghai Composite Index added 0.8 percent this week. Kweichow Moutai
Co. rose to a nine-month high after China International Capital Corp.
said the liquor maker’s earnings may beat consensus estimates this year.
Shanghai’s move to tighten criteria for non-local home buyers to help
stem surging property prices is seen as a “temporary end of negative
news,” according to KGI Securities Co. Trading volumes slumped with Hong
Kong’s market shut for a holiday and before the release of industrial
profits data this Sunday.
China’s
benchmark stock gauge failed to close above the key 3,000 level for a
second day on Friday amid concern a 12 percent rebound since the January
low may not be sustainable without continued support from
government-backed funds and improvement in the nation’s economic and
earnings fundamentals.
China’s
benchmark index rose 0.6 percent to 2,979.43 at the close, with trading
volumes slumping 19 percent below the 30-day average. The gauge slid
the most in two weeks on Thursday after some of the nation’s biggest oil
and materials producers reported slumping earnings. The most recent
data for industrial companies show profits declined 4.7 percent in
December.
The
CSI 300 Index added 0.5 percent, while the ChiNext index of smaller
companies slid 0.2 percent, falling for a second day after entering a
bull market on Wednesday. Hong Kong’s stock exchange will re-open next
Tuesday. Markets in Australia, India and Singapore were also closed
Friday.
Source: Bloomberg
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