China stocks little change despite yuan weakness, property curbs

viernes 25 de marzo de 2016 00:57 GYT
 

* CSI300 +0.2 pct; SSEC +0.1 pct; Hong Kong market suspended

* Stock investors appear unfazed by yuan's weakness this week

* Little reaction seen to property curbs in Shanghai, Shenzhen

SHANGHAI, March 25 (Reuters) - China's main stock indexes were little changed on Friday morning, pointing to flat trading for the week, as a month-long, 10-percent market rebound loses momentum.

Stock investors appear unfazed by yuan's resumed weakness against the dollar this week - the Chinese currency is on track to fall against the greenback for five straight days - as Chinese leaders reiterated that China opposes competitive currency depreciation.

There was also little reaction to the widely expected move by Shanghai and Shenzhen to curb speculation in the cities' red-hot property market. The real estate sector actually rose on Friday morning after the restriction measures were released.

The blue-chip CSI300 index rose 0.2 percent, to 3,188.32 points by lunch time, while the Shanghai Composite Index gained 0.1 percent, to 2,963.29 points.

Both indexes are set to end the week roughly flat, having bounced over 10 percent off lows hit on February 29.

Following the solid rebound, "investors start to diverge over the market's direction. Optimists say that market has bottomed out, but pessimists regard it as merely a technical bounce in a bearish trend, as China's economy remains weak," said David Dai, Shanghai-based investor director at Nanhai Fund Management Co.   Continuación...