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Construction and port plays power Shanghai index
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CHINA stocks rose on Friday as strong gains in the infrastructure sector offset concerns over tightening liquidity and fresh curbs on house buying.
The benchmark Shanghai Composite Index rose 0.64 percent to 3,269.45 points and posted a 0.99 percent weekly gain.
Port operators and infrastructure companies were among the gainers as the Belt and Road initiative continues to lure investors. China State Construction Engineering Corporation surged 7.55 percent and Jiangsu Lianyungang Port Co hiked by the daily limit of 10 percent. COSCO Shipping Specialized Carriers Co jumped 5.87 percent to 7.57 yuan (US$1.09).
The consumer electronics segment was strong as industry leaders Midea Group and Gree Electric Appliance Inc added 0.49 percent and 1.09 percent respectively.
Shanghai New Huang Pu Real Estate Co was down 0.24 percent and Gemdale Corporation fell 0.91 percent to 10.84 yuan.
Investors are still quite divided over concerns about liquidity and potential acceleration of initial public offerings in the near future, and the index still faces a lot of pressure at the 3,250-point level, AJ Securities wrote in a research note.
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