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China: Stocks rise; property shares jump on policy support
[SHANGHAI] Chinese stocks rose on Friday, capping a week of volatile trade, as property shares surged due to government support measures, while Beijing's move to relax foreign investment rules improved market sentiment.
China's CSI300 real estate index jumped 3.9 per cent after state media reports that Beijing had issued notices urging local governments to support residents needing to improve their housing conditions, and reduce or even suspend land supply in cities where there was a surplus of housing.
The impact of poor economic data released on Friday - showing profits earned by Chinese industrial firms fell 4.2 per cent in January-February - was offset by expectations of fresh money inflows after China waived the US$1 billion limit on foreign fund investment under the Qualified Foreign Institutional Investor (QFII) scheme.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 0.6 per cent, to 3,971.70, while the Shanghai Composite Index gained 0.3 per cent, to 3,691.10. On the week, both indexes were up about 2 per cent.
Total volume of A shares traded in Shanghai was 40.7 billion shares, while Shenzhen volume was 23.6 billion shares.