China stocks post biggest weekly loss in 3 months


China stocks edged up on Friday, as strength in consumer and tech shares offset a slump in resources plays, but major indexes posted their biggest weekly decline in three months.

Reversing initial losses, the blue-chip CSI300 index rose 0.5 percent, to 3,174.90 at the end of the session, while the Shanghai Composite Index gained 0.2 percent, to 2,959.24 points.

For the week, CSI300 fell 3 percent, while SSEC lost 3.9 percent, the worst weekly performance since late January.

China s stock market has become increasingly volatile in recent weeks as a seven-week rebound loses steam.

An index tracking the resources sector slumped 2.7 percent on Friday, as shares of steelmakers, gold miners and copper producers tumbled.

The sell-off in the sector was triggered by regulators move to cool frenzied commodities trading recently, with China s three futures exchanges announcing late on Thursday that they would increase transaction fees.


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