China's stocks edge up on stabilizing economy - Nov 2

BEIJING - Chinese stocks ended Friday with smaller gains after a strong rally on Thursday on improved manufacturing data.

The benchmark Shanghai Composite Index went up 0.6 percent, or 12.62 points, to close at 2,117.05, while the Shenzhen Component Index closed at 8,679.68, up 16.54 points, or 0.19 percent.

Combined turnover on the Shanghai and Shenzhen stock exchanges retreated to 105.46 billion yuan ($16.74 billion) from 119.2 billion yuan the previous trading day. Gainers outnumbered losers by 635 to 262 in Shanghai and by 888 to 561 in Shenzhen.

The stabilizing economy, expectations for more reasonable valuations and an improving monetary supply have combined to fuel the recent lift in China's moribund stock market, according to Minsheng Securities' analysis.

Property developers extended robust performances on Friday. China Vanke Co, the nation's biggest listed property developer, gained 0.7 percent to 8.65 yuan per share, while Poly Real Estate Group Co, the country's second-largest developer by market value, gained 1.64 percent to 11.79 yuan per share.

Media and entertainment shares were also strong. Huayi Bros Media Group went up 3.12 percent to 15.53 yuan.

Bucking the trend, gold-related shares led declines on Friday. Shanghai Laofengxiang Co Ltd moved down 1.68 percent to 20.48 yuan per share.