Stocks close flat, buoyed by strong transport, financial shares

Analysts are bullish on blue chips, but the benchmark index is not seen passing the 3,300-point barrier in the short term..

Shanghai stocks ended basically flat on Friday,  with strong performance of the transport sector and financial companies offsetting a fall in the materials sector.

The Shanghai Composite Index edged up 0.01 percent to close at 3,268.72 points.

China Railway Tielong Container Log Co surged by the daily limit of 10 percent and Shenzhen Expressway Company Ltd added 6.29 percent to 9.80 yuan.

The non-bank financial sector also underpinned growth. Ping An Insurance Co of China Ltd advanced 4.05 percent to 53.17 yuan and China Life Insurance Co Ltd gained 3.10 percent.

Non-ferrous metals firms performed poorly in general, with Aluminum Corporation of China Ltd losing 4.38 percent to 6.76 yuan and Yunnan Aluminum Co Ltd dropping 6.87 percent.

The technology sector also dragged shares down, as the tech-heavy ChiNext Price Index retreated 0.63 percent to 1,821.80 points. Sichuan Jiuyuan Yinhai Software Co Ltd dipped 5.09 percent.

Shanghai shares rose 1.88 percent for the past week — the highest weekly gain in more than four months, with analysts showing confidence in blue chips on economic reforms.

Shanghai Securities said in a research note that within the overall context of economic warming, the market will maintain strong momentum, but may not be able to pass the 3,300-point benchmark in the short term.

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