China: Stocks end flat, but fall more than 1% on week

[SHANGHAI] China stocks were little changed on Friday, as renewed slides in property shares erased gains earlier in the day.

The blue-chip CSI300 index fell 0.1 per cent to 3,307.09, while the Shanghai Composite Index rose 0.1 per cent to 3,070.31.

For the week, the CSI300 was down 1.7 per cent, while the SSEC fell 1.2 per cent.

The market was firm in the morning session, with some traders attributing the gain to a denial by regulators that US$90.2 billion worth of insurance money was getting pulled out of the market.

But it erased those gains later on, with sentiment soured by a 1.1-per cent fall in the real estate sector.

Traders said they expected the pattern of range-bound trading to continue, as much of the bad news has already been priced in, while there are few signs of economic recovery to support a sustained rally.

REUTERS