October 26, 2018 / 7:26 AM / 10 months ago

China stocks slip, but post weekly gain on govt support

* Shanghai stocks lower, blue-chip CSI300 index down

* Gains in Shanghai stocks led by Liaoning Hongyang Energy Resource Invest Co Ltd and losses by Angel Yeast Co Ltd

* China’s A-shares are at 25.40 percent premium over H-shares

SHANGHAI, Oct 26 (Reuters) - China stocks slipped on Friday but posted a weekly gain, thanks to Beijing’s recent supportive policies and measures that aim to bolster the stock market and the real economy. ** The blue-chip CSI300 index fell 0.7 percent to 3,173.64 points, while the Shanghai Composite Index ended down 0.2 percent at 2,598.85 points. ** For the week, the CSI300 index gained 1.2 percent, while SSEC was up 1.9 percent. ** In its latest bid to prop up the market, China said it will no longer restrict sectors for equity investment using insurance capital. ** China and Japan on Friday pledged to forge closer ties, signing a broad range of agreements including a $30 billion currency swap pact. However, the market reaction was limited. ** Eyes were on the yuan which hit a fresh 22-month low against the dollar on Friday. ** Many sectors retreated on Friday, but real estate stocks extended a strong rally even as the official People’s Daily dismisses speculation that Beijing is moving to lift restrictions on home purchases. ** The real estate index ended up 1.6 percent, having gained 8.5 percent for the week. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.83 percent, while Japan’s Nikkei index closed down 0.4 percent. ** At 07:03 GMT, the yuan was quoted at 6.9574 per U.S. dollar, 0.12 percent weaker than the previous close of 6.9492. ** The largest percentage gainers on the main Shanghai Composite index were Liaoning Hongyang Energy Resource Invest Co Ltd , up 10.09 percent, followed by Wolong Real Estate Group Co Ltd, gaining 10.09 percent, and Hunan Huasheng Co Ltd, up by 10.06 percent. ** The largest percentage losers on the Shanghai index were Angel Yeast Co Ltd, down 10.01 percent, followed by Shanghai Rongtai Health Technology Corp Ltd, losing 10.01 percent, and Guangdong Champion Asia Electronics Co Ltd , down by 10 percent. ** So far this year, the Shanghai stock index is down 21.4 percent, the CSI300 has fallen 21.3 percent, while China’s H-share index listed in Hong Kong is down 13.9 percent. Shanghai stocks have declined 7.89 percent this month. ** About 15.89 billion shares were traded on the Shanghai exchange, roughly 121.3 percent of the market’s 30-day moving average of 13.11 billion shares a day. The volume in the previous trading session was 16.20 billion. ** As of 07:05 GMT, China’s A-shares were trading at a premium of 25.40 percent over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)

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