November 17, 2016 / 7:11 AM / in 2 years

China stocks edge up, aided by infrastructure shares

SHANGHAI, Nov 17 (Reuters) - China stocks closed slightly higher on Thursday, snapping a two-session losing streak, as gains for big-cap infrastructure stocks offset a weak resources sector.

The blue-chip CSI300 index rose 0.2 percent, to 3,436.54, while the Shanghai Composite Index gained 0.1 percent to 3,208.45 points.

Analysts attributed the softness in resources stocks to a continued retreat in China’s commodities futures market after a dramatic rally.

A strong U.S. dollar and worries over capital outflows also curbed investor appetites.

With the dollar index still hovering near a 13-1/2 year high against a basket of currencies, there are persistent fears of yuan depreciation, as global investors continue to bet U.S. President-elect Donald Trump’s policies will result in higher inflation and stronger U.S. economic growth.

Shares were down for most of the day, until a late rally in infrastructure stocks helped tip indexes into positive territory.

Gree Electric Appliances, China’s largest air conditioner manufacturer, gained 2 percent after the company scrapped plans to acquire a lithium battery producer. (Reporting by Luoyan Liu and John Ruwitch; Editing by Richard Borsuk)

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