China’s stocks capped a weekly loss as suspected state intervention failed to revive confidence among investors in the world’s worst-performing equity market.
The Shanghai Composite Index edged up 0.2 percent on Friday, paring this week’s loss to 2.2 percent, amid turnover that was 36 percent below the average for this time of day. Investors are awaiting this weekend data that is projected to show no let-up in the slowdown in industrial production and fixed-asset investment. The yuan strengthened in onshore trading after the central bank raised its daily reference rate by the most since November. The Hang Seng China Enterprises Index rose for the first time in four days.
Trading on the world’s second-largest stock market has tumbled to the lowest level since 2014 as margin traders unwind bullish positions in the face of suspected buying by state-directed funds. China’s benchmark gauge has lost 21 percent this year, the most among 93 global benchmark indexes tracked by Bloomberg, as worsening economic data and meddling by the government deter investors.