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China: Stocks rise for 4th day, aided by banking heavyweights

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China stocks rose for their fourth straight day on Friday, as a tumble in small-caps triggered by supply fears was offset by a surge in banks amid speculation that government-backed investors helped stabilise the market ahead of a key meeting by China's parliament.

[SHANGHAI] China stocks rose for their fourth straight day on Friday, as a tumble in small-caps triggered by supply fears was offset by a surge in banks amid speculation that government-backed investors helped stabilise the market ahead of a key meeting by China's parliament.

At the end of a volatile session, the blue-chip CSI300 index rose 1.2 per cent, to 3,093.89, while the Shanghai Composite Index gained 0.5 per cent, to 2,874.15 points.

For the week, CSI300 jumped 4.9 per cent, while SSEC gained 3.9 per cent, both posting their biggest weekly gains in more than two months.

Shenzhen's start-up board ChiNext collapsed 5.3 per cent on worries that Shanghai will soon launch a rival board for small-caps, potentially boosting supply.

But any impact on benchmark indexes was offset by a 4.3 per cent jump in the banking sector.

REUTERS

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