China stocks post biggest weekly loss in 3 months

viernes 22 de abril de 2016 03:18 GYT

SHANGHAI, April 22 (Reuters) - China stocks edged up on Friday, as strength in consumer and tech shares offset a slump in resources plays, but major indexes posted their biggest weekly decline in three months.

Reversing initial losses, the blue-chip CSI300 index rose 0.5 percent, to 3,174.90 at the end of the session, while the Shanghai Composite Index gained 0.2 percent, to 2,959.24 points.

For the week, CSI300 fell 3 percent, while SSEC lost 3.9 percent, the worst weekly performance since late January.

China's stock market has become increasingly volatile in recent weeks as a seven-week rebound loses steam.

An index tracking the resources sector slumped 2.7 percent on Friday, as shares of steelmakers, gold miners and copper producers tumbled.

The sell-off in the sector was triggered by regulators' move to cool frenzied commodities trading recently, with China's three futures exchanges announcing late on Thursday that they would increase transaction fees. (Reporting by the Samuel Shen and Pete Sweeney; Editing by Sam Holmes)