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China stocks rise as shares favoured by insurers rebound
December 26, 2016 / 7:31 AM / a year ago

China stocks rise as shares favoured by insurers rebound

SHANGHAI, Dec 26 (Reuters) - China stocks erased early losses and eked out a gain on Monday, after some shares favored by insurers rebounded, offsetting the weakness in resources pulled lower by falls in commodity prices.

The CSI300 index rose 0.4 percent, to 3,322.26 points, while the Shanghai Composite Index gained 0.4 percent, to 3,122.09 points.

Shares particularly favoured by insurers rebounded from sharp declines caused by regulators’ stricter restrictions. Index heavyweight China Vanke Co Ltd, Gree Electric Appliance, and China State Construction Engineering all rose.

Sector performance on the mainland was mixed.

Raw material stocks were the worst performer, with an index tracking the sector down more than 0.8 percent at the close, as the futures price of rebar lost around 3 percent.

Trading volume in Shanghai hit a nearly two-month low, with some investors unwilling to buy risky assets as year-end approaches. (Reporting by Jackie Cai and John Ruwitch; Editing by Richard Borsuk)

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