China shares trim weekly loss with slim Friday rebound
HONG KONG, Sept 27
HONG KONG, Sept 27 (Reuters) - China shares rose modestly on Friday, trimming weekly losses on favourable industrial profit data and news that Beijing would test financial reforms in a Shanghai free trade zone.
The CSI300 of the leading Shanghai and Shenzhen A-share listings finished up 0.4 percent at 2,395 points, while the Shanghai Composite Index crawled up 0.2 percent.
This was their second-straight weekly loss, each down 1.5 percent. Shanghai volumes were lacklustre ahead of the end of the quarter and a week-long holiday starting Tuesday.
China will open up the largely sheltered services sector in a free-trade zone in Shanghai, and test bold financial reforms including a convertible yuan, the government said on Friday.
The news helped trim steep losses for counters seen benefiting from the initiative as investors took profit on robust gains since it received approval end-August.
Profits earned by Chinese industrial firms rose 24.2 percent in August from a year earlier to 483.2 billion yuan ($78.94 billion), compared with July's 11.6 percent annual growth, the National Bureau of Statistics said on Friday. (Reporting by Clement Tan; Editing by Himani Sarkar)
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