China stocks close lower after hitting 5-yr high in volatile trade
By Sue-Lin Wong and Chen Yixin
SHANGHAI Jan 9 (Reuters) - China stocks ended lower after hitting their highest level in over five years on Friday, in one of their most volatile trading sessions since the global financial crisis.
Key indices briefly surged more than 3 percent in afternoon trade, partly lifted by speculation of further monetary easing but quickly pulled back to end the day slightly lower.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.4 percent to 3,546.72 points, while the Shanghai Composite Index lost 0.2 percent to 3,285.41 points.
The SSEC had briefly hit its highest level since August 2009.
For the week, the SSEC index rose 1.6 percent and CSI300 index gained 0.4 percent.
China's annual consumer inflation hovered at a near five-year low of 1.5 percent in December, signalling persistent weakness in the economy but giving policymakers more room to ease policy to support growth.
Total volume of A shares traded in Shanghai was 41.0 billion shares, while Shenzhen volume was 16.1 billion shares.
(Reporting By Sue-Lin Wong; Additional reporting by Jake Spring; Editing by Kim Coghill)
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