SHANGHAI: China stocks ended lower on Friday as the New Year rally showed signs of fatigue, with a stronger yuan lending little support to equities.
The blue-chip CSI300 index fell 0.6 per cent, to 3,347.67 points, while the Shanghai Composite Index lost 0.4 per cent to 3,154.32 points.
For the week, CSI300 was up 1.1 per cent, while SSEC was up 1.6 per cent. A run of data from China in coming weeks is expected to show the economy entered 2017 with considerable momentum.
Market news that the finance ministry was to study new measures to cut taxes and reduce the overall cost burden on firms drew a muted response.
“Investors are likely to stay lukewarm on the stock market until the end of Lunar New Year when sentiment is expected to improve,” said Cao Xuefeng, head of research at Huaxi Securities.
