Shanghai benchmark index loses more than 4 percent for a second straight week

viernes 6 de febrero de 2015 03:20 GYT

SHANGHAI Feb 6 (Reuters) - China stocks faltered on Friday, with the Shanghai benchmark index suffering its second straight weekly loss of more than 4 percent as investors sold shares to get funds for a flurry of initial public offerings (IPOs).

The market drew limited support from the stimulus delivered to the Chinese economy by a reduction in reserve requirement ratios (RRR) for banks earlier this week, which has raised expectations of more easing to come.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 1.6 percent on Friday, to 3,312.42, while the Shanghai Composite Index lost 1.9 percent, to 3,075.91 points. It fell 4.2 percent for the week.

Property stocks plunged 3.4 percent on Friday and energy and infrastructure shares both slumped 2.7 percent.

The financial subindex's fall of 0.9 percent was cushioned by 16 brokerages that reported their net profits soared 211 percent to 6.46 billion yuan ($1.04 billion) in January, exceeding market expectations.

Among the most active stocks in Shanghai were Bank of China , down 2.7 percent to 4.02 yuan; Baotou Steel , down 4.8 percent to 4.74 yuan and Agricultural Bank of China, down 3.0 percent to 3.22 yuan.

In Shenzhen, Jilin Power, down 0.9 percent to 5.76 yuan; BOE Technology, down 4.3 percent to 2.87 yuan and Vanke, down 4.3 percent to 12.16 yuan were among the most actively traded.

Foreign investment flowing into Shanghai from Hong Kong through the mutual market access pilot programme took up 1.54 billion yuan of the 13 billion yuan daily quota.

Total volume of A shares traded in Shanghai was 24.6 billion shares, while Shenzhen volume was 15.0 billion shares.

($1 = 6.2405 Chinese yuan) (Reporting by Sue-Lin Wong)