Stocks rise 0.3%, large caps gain

10:45, June 12, 2010      

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China's key stock index closed up 0.3 percent Friday, with large-cap shares outperforming, as confidence grew that the economy was holding up despite the European debt crisis and that the market was establishing a floor after recent declines.

China's benchmark Shanghai Composite Index ended at 2,569.9 points, posting a 0.6 percent gain for the week although it again stalled at resistance at the psychologically key 2,600 point level which has capped the market since the start of the month.

The index remains one of the world's worst performers this year, losing 22 percent after China unleashed a range of policies to tame speculation in the country's property sector to keep its economy from overheating.

Losing Shanghai stocks outnumbered gainers 489 to 377, indicating investors were focused on buying large-cap shares, while turnover fell to 74 billion yuan ($10.83 billion) from Thursday's 80 billion yuan ($11.7 billion).

Source: Global Times


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