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Shanghai: Stock slightly up but trading remains light on growth concerns

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[SHANGHAI] China stocks rose slightly on Thursday, but trading volume remained near four-month lows amid fresh signs that the country's nascent economic recovery is resting on weak foundations.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 0.1 per cent, to 3,213.92, while the Shanghai Composite Index gained 0.2 per cent, to 2,997.84 points.

China's robust market rebound since early March appears to be losing momentum as trading volumes have shrunk and the SSEC fails to stand decisively above the 3,000 mark - seen by many as a key psychological level.

A private survey showed on Thursday that activity in China's services sector expanded in April, but the gains were slightly less robust than in March.

Transportation shares were firm on Thursday, as airline stocks jumped after China's central government on Wednesday unveiled plans to promote airline transportation by pledging to open up low-altitude air space.

REUTERS