China Equities Up for Sixth Straight Week

China’s stocks rose, sending the benchmark index toward a sixth week of gains, as industrial and technology companies advanced.

China Shipping Container Lines Co. led a rally for industrial shares, jumping 6.6 percent after a gauge of shipping costs surged 31 percent last week. Goertek Inc. climbed to the highest level in two months as a measure of technology companies advanced the most among industry groups. Data today showed home prices slid in more cities and foreign investment slumped.

The Shanghai Composite Index (SHCOMP) gained 0.4 percent to 2,235.44 at the 11:30 a.m. break, after posting a fifth week of gains for the longest winning streak since May 2013. Recent data including weaker-than-estimated credit growth and industrial production have boosted speculation the government will ease monetary policy. Official data showed new home prices fell in July in 64 out of 70 cities, compared with 55 cities in June, while foreign-direct investment plunged 17 percent.

Bloomberg

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