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)
Stocks treated in this article : Tianjin Port Company Limited
, Wuliangye Yibin Co., Ltd.
, Tianjin Teda Co., Ltd.
, Tianjin Binhai Energy & Devel. Co., Ltd
, Shanghai Wai Gao Qiao Free Trade Zone
, Luoyang Glass Co.,Ltd.
, Guangdong Electric Power Development Co.