China stocks rise, despite yuan weakness, property curbs

Big 5

China’s main stock indexes inched up Friday, recording small gains for the week as the market’s month-long, 10-percent rebound loses momentum.

Stock investors appeared unfazed by new property restrictions in Shanghai and Shenzhen, or by the yuan’s weakness against the dollar this week.

The Chinese currency is on track to fall against the greenback for a fifth straight day, and post its biggest weekly loss in over two months.

The blue-chip CSI300 index rose 0.5 percent, to 3,197.82, while the Shanghai Composite Index gained 0.6 percent, to 2,979.43 points.

Both indexes ended the week up 0.8 percent. They have risen more than 10 percent from lows hit on Feb. 29.

Most sectors rose. The property sector gained, even as Shanghai tightened mortgage down payment requirements for second home purchases, among other measures to cool its overheating property market.

Shenzhen also published rules to discourage speculative home purchases in the city, state media reported on Friday.

Analysts said that these measures targeting major cities have limited impact on the national property market, and most investors had expected new cooling steps.

Source: Reuters