China Stocks Headed for Monthly Gain

Chinese stocks were poised for a monthly gain before the start of the annual National People’s Congress meeting next week, while the yuan weakened.

Industrial companies led gains Friday, with Power Construction Corp. of China jumping more than 8 percent. PetroChina Co. and China Shenhua Energy Co. paced declines by commodity producers after crude prices plunged overnight. The yuan fell to its lowest level since October 2012.

The Shanghai Composite Index added 0.2 percent to 3,304.53 at 10:07 a.m. local time. The gauge has risen 3 percent during the holiday-shortened month. The measure jumped 2.2 percent yesterday after Premier Li Keqiang called for more active fiscal policy and a central bank publication said additional monetary easing is needed.

Bloomberg

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