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Shanghai: Stocks fall for 6th straight week on economy fears

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[SHANGHAI] China stocks ended slightly lower on Friday, capping a sixth straight week of losses for the Shanghai Composite Index, as industrial profit data added to fears that a recent pick-up in the economy is fizzling out.

The Shanghai Composite Index was fractionally lower at 2,821.05 points, and slipped 0.2 per cent for the week.

The index has now has lost more than 8 per cent since mid-April.

The blue-chip CSI300 index fell 0.1 per cent, to 3,062.50, declining 0.5 per cent for the week.

Many investors remained on the sidelines, worried about China's economic health and the impact of a possible US rate hike as soon as next month. Trading volume in Shanghai shrank to a near five-month low.

Profit growth at China's industrial firms slowed in April, in line with other data for the month which suggested the economy may be losing steam again after picking up earlier in the year.

Sector performance was mixed, with IT and telecommunications shares rising but energy and healthcare stocks slipping.