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Shanghai shares gain 0.63 percent this week
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SHANGHAI shares edged up on Friday, calming down from the previous volatile trading.
The Shanghai Composite Index added 0.07 percent to 3,110.06 points at the close, holding above the key-level of 3,000 points and posting a weekly gain of 0.63 percent.
Most of the gains came in Thursday on financial shares this week, with the Shanghai gauge rising sharply by 1.43 percent under the intention of government support, traders said.
The performance shrugged off rating agency Moody's decision to downgrade China's rating by one notch to A1 on Wednesday.
During today's session, transportation shares traded firm, banking and property companies retreated.
Analysts said blue-chip shares having better fundamental performance will keep being favored in the near term, as investors' risks appetite has turned cautious amid recent financial crackdowns on speculative tradings.
Shares of China Merchants Bank Co, though closed down today, had surged 10.28 percent over the week, while consumer shares like Kweichow Moutai Co, which has surged more than 100 yuan per share since January, rose 0.29 percent to 451.92 yuan (US$65.9) today.
China's mainland stock markets will resume trading until next Wednesday due to country's Dragon Boat Festival.
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