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China shares rise slightly as weak survey tempers financials gains
November 20, 2014 / 7:12 AM / in 3 years

China shares rise slightly as weak survey tempers financials gains

SHANGHAI, Nov 21 (Reuters) - China stocks ended slightly up on Thursday, as fresh worries over the cooling economy and continuing profit-taking pressure undercut gains by financial sector shares.

Growth in China’s vast factory sector stalled in November, with output contracting for the first time in six months, a private preliminary survey showed.

The Shanghai Composite Index rose 0.1 percent to 2,452.6 points. The CSI300 index of the largest listed companies in Shanghai and Shenzhen was flat.

Technical indicators have been signalling the mainland market was due for a correction following strong gains. The 14-day Relative Strength Index, used to gauge whether an asset is overbought or oversold, for the SSEC composite hovered above 70 last week, signalling it was vulnerable to a correction.

Financials sector rebounded in the afternoon. China Life Insurance Co Ltd rose 3.2 percent, China Pacific Insurance Group Co Ltd 2.4 percent and CITIC Securities Co Ltd 1.4 percent.

The take-up of northbound quotas for A-shares remained sluggish on Thursday, with only 18 percent of the daily 13 billion yuan ($2.12 billion) limit being used. (1 US dollar = 6.1236 Chinese yuan) (Reporting by Shanghai Newsroom; Editing by Richard Borsuk)

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