SHANGHAI Dec 2 China's blue-chip CSI300 Index
advanced for the 8th straight week, although it fell
on Friday and gains were capped by resources shares amid an
extended pullback in commodities market.
CSI300 fell 1.0 percent, to 3,528.95 points, while the
Shanghai Composite Index lost 0.9 percent to 3,243.84
For the week, CSI300 settled up 0.2 percent, while SSEC was
down 0.6 percent.
Most sectors lost ground, led by financials and
properties. Gains were only seen in the energy
Coal miners slumped as Shanghai coking coal and
coke futures slid further after a sharp rally,
offsetting gains in other energy stocks on the back
of this week's deal by the Oraganisation of Petroleum Exporting
Countries to cut output.
Heavyweight base metal producers followed broader resources
sector lower, while big-cap industry-leading blue-chips took a
breather after recent surge.
Investors also were wary of a hard rally by China's oil
giants Sinopec and PetroChina, which
jumped 8 percent and 4.9 percent at one point, as in the past
those gains have been quickly followed by steep correction.
China United Network Communications tumbled 6.7
percent, retreating from a 15-month high, after the company
denied media reports that its mixed-ownership reform plan could
China United Network Communications has surged 65 percent
since end-September as investors bet on its reform expectation.
(Reporting by Luoyan Liu and John Ruwitch; Editing by Shri