China: Stocks rebound as G20 meeting kicks off, down over 3% for week

[HONG KONG] China stocks rebounded on Friday as markets took a breather after sharp losses in the previous session, while investors awaited policy messages from Chinese and global leaders gathering in Shanghai for a G20 meeting.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen, which tumbled more than 6 per cent on Thursday, climbed 1 per cent to close at 2,948.03 points.

For the week, the index ended down 3.4 per cent, its biggest such decline in three weeks and taking its losses for far this year to 21 per cent.

But fears of tighter liquidity and worries about the economy kept many investors on the sidelines, traders said.

The Shanghai Composite Index rose 0.95 per cent to 2,767.21 but finished the week down 3.2 per cent, also its biggest loss in three weeks.

G20 finance chiefs and central bankers meet on Friday and Saturday. Current market turmoil and a global economic slowdown are expected to be key topics of discussion.

REUTERS