China: Stocks post biggest weekly loss in 3 months

[SHANGHAI] 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 per cent, to 3,174.90 at the end of the session, while the Shanghai Composite Index gained 0.2 per cent, to 2,959.24 points.

For the week, CSI300 fell 3 per cent, while SSEC lost 3.9 per cent, 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 per cent 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.

REUTERS