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China shares post gains after holiday, tech sector strong
February 7, 2014 / 7:06 AM / 4 years ago

China shares post gains after holiday, tech sector strong

Feb 7 (Reuters) - China shares rose on Friday, as strong gains in high-tech firms helped offset losses in Chinese financial and property stocks after a survey showed further signs the world’s second-largest economy was losing momentum.

The CSI300 index of the leading Shanghai and Shenzhen A-share listings closed up 0.5 percent, while the Shanghai Composite Index rose 0.6 percent to 2,044.5 points as traders returned from a week long Lunar New Year holiday break.

The ChiNext Composite Index, China’s Nasdaq-like board for high-growth, mainly high-tech start-up firms, soared 2.5 percent to a record high.

The HSBC/Markit Services Purchasing Managers’ Index (PMI) retreated to 50.7 in January, its slowest pace in almost 2-1/2 years after firms secured a smaller volume of new business, a private survey showed, adding to growing signs of slackening in the Chinese economy.

China data for January money supply and loan growth are due by Feb. 15. (Reporting by Yimou Lee; Editing by Jacqueline Wong)

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