China stocks gain despite property sector weakness

China stocks rise: China stocks experienced gains on Friday, with banking shares showing resilience despite a downturn in property stocks. 

The Hong Kong market remained closed due to a public holiday.

The CSI Bank Index surged 4 per cent during the morning session, with investors shrugging off concerns about shrinking margins among the "Big Five" lenders. 

Investor sentiment was buoyed by mutual fund disclosures revealing state investor Central Huijin's efforts to bolster the market by purchasing stakes in blue-chip funds.

However, property shares faced declines following disappointing financial results from several Chinese property developers, including Vanke.

In terms of market performance, the blue-chip CSI300 index edged up by 0.07 per cent. The financial sector sub-index saw a modest increase of 0.11 per cent, while the real estate index experienced a notable decline of 2.21 per cent.

Meanwhile, in regional markets, MSCI's Asia ex-Japan stock index made slight gains, while Japan's Nikkei index also saw positive movement.

The yuan was marginally weaker against the US dollar, quoted at 7.2269 per dollar.

Among the top gainers in the Shanghai Composite index were Shanghai V Test Semiconductor Tech Co Ltd, Jinan High-tech Development Co Ltd, and Zhengping Road & Bridge Construction Co Ltd. Conversely, notable losers included Zhejiang Shengda Bio-Pharm Co Ltd, Elegant Home-Tech Co Ltd, and A-Zenith Home Furnishings Co Ltd.

Year-to-date, the Shanghai stock index has seen a 1.7 per cent increase, while the CSI300 has risen by 2.7 per cent. 

The H-share index listed in Hong Kong has experienced a more modest gain of 0.7 per cent.

(With Reuters Inputs)