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Shanghai shares produce largest weekly rise in two months

08/14/2015 | 03:25am EST

SHANGHAI (Reuters) - Shanghai's benchmark stock index edged up on Friday and had its biggest weekly rise in more than two months, as investors turned bullish after concerns about the yuan's depreciation eased.

The Shanghai Composite Index <.SSEC> rose 0.3 percent on Friday, to 3,965.33 points, bringing this week's gain to 5.9 percent, the largest since early June.

But the CSI300 index <.CSI300> of the largest listed companies in Shanghai and Shenzhen dipped 0.1 percent, to 4,073.54. It posted a weekly gain of 4.3 percent.

Following three days of falls, the yuan <CNY=CFXS> held steady against the dollar after suspected intervention by the central bank, who said on Thursday there was no reason for it to fall further.

China's central bank stunned markets on Tuesday by devaluing the yuan by nearly 2 percent.

"Yuan devaluation suddenly became a concern for stock investors earlier this week, but now this issue is fading out of their radar," said Qi Yifeng, analyst at consultancy CEBM.

Waigaoqiao FTZ (>> Shanghai Wai Gao Qiao Free Trade Zone) surged 10 percent, the daily limit, after the Shanghai government-controlled company announced a major restructuring.

Investor interest in listed state-owned companies was also rekindled by a stock ownership incentive plan announced by Chinese liquor maker Wuliangye Yibin (>> Wuliangye Yibin Co., Ltd.).

Reform expectations pushed up prices of state firms including Luoyang Glass (>> Luoyang Glass Co.,Ltd.) and Guangdong Electric Power (>> Guangdong Electric Power Development Co.).

Many Tianjin-based companies, which slumped on Thursday following explosions in the northeastern port city, rebounded. Nearly a dozen companies issued statements saying their losses were limited.

The companies included Tianjin Port Holdings Co (>> Tianjin Port Company Limited), Tianjin Economic-technological Development Area Ltd (>> Tianjin Teda Co., Ltd.) and Binghai Energy (>> Tianjin Binhai Energy & Devel. Co., Ltd).

(Reporting by Samuel Shen and Pete Sweeney; Editing by Jacqueline Wong)

© Reuters 2015
Stocks mentioned in the article
ChangeLast1st jan.
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD. -0.82% 3.61 End-of-day quote.-6.96%
LETS HOLDINGS GROUP CO., LTD. 5.79% 7.86 End-of-day quote.1.03%
LUOYANG GLASS COMPANY LIMITED -0.63% 17.29 End-of-day quote.-11.24%
RISE, INC. -4.00% 24 End-of-day quote.0.00%
S&P/CITIC 300 INDEX 1.09% 4992.07 Delayed Quote.7.51%
S&P/CITIC 50 INDEX 1.77% 5020.43 Delayed Quote.5.77%
SHANGHAI STOCK EXCHANGE B SHARES INDEX -0.81% 247.531 Real-time Quote.2.49%
SHANGHAI WAIGAOQIAO FREE TRADE ZONE GROUP CO., LTD. -1.94% 13.66 End-of-day quote.-2.22%
SHENZHEN STOCK EXCHANGE A SHARE INDEX 0.27% 2577.4689 Real-time Quote.5.45%
TIANJIN BINHAI ENERGY & DEVELOPMENT CO.,LTD -1.90% 5.15 End-of-day quote.-27.46%
TIANJIN PORT CO., LTD. -2.28% 4.72 End-of-day quote.-1.26%
TIANJIN TEDA CO., LTD. -0.99% 5.02 End-of-day quote.-1.57%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.11% 6.4773 Delayed Quote.-0.67%
WULIANGYE YIBIN CO.,LTD. -0.47% 295.56 End-of-day quote.1.27%
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