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China Stocks Cap Second Weekly Gain on Economic Growth Optimism

Chinese stocks capped a second straight weekly advance on signs the economy is improving.

Zhejiang Hangzhou Xinfu Pharmaceutical Co. jumped by the 10 percent daily limit today after gaining conditional regulatory approval to sell shares and buy assets. Rizhao Port Co. tumbled 9.4 percent to lead port operators lower.

The Shanghai Composite Index climbed 1.1 percent this week after data showed China’s manufacturing expanded in June at the fastest pace this year and a services index increased to the highest level since March 2013. The gauge fell 0.2 percent to 2,059.38 at the close today.

“Stocks are gradually recovering after data confirmed the economy is on track to improve,” said Zhang Gang, a strategist at Central China Securities in Shanghai. “However, we need more good data and more stimulus to drive stocks higher. Disappointing earnings may pull the market back.”

Premier Li Keqiang said last month authorities will “ensure” a minimum growth rate of 7.5 percent, while the government has already eased lending restrictions and accelerated state spending plans to counter a property-market slump. Regulators increased banks’ capacity to lend this week by changing the way loan-to-deposit ratios are measured.

The CSI 300 Index dropped 0.1 percent. The Hang Seng China Enterprises Index climbed 0.3 percent at 3:31 p.m. in Hong Kong.

The Shanghai measure has fallen 2.7 percent in 2014 and trades at 7.5 times projected 12-month profits, compared with 11.1 times for the MSCI Emerging Markets Index.

Jiangsu King’s Luck Brewery JSC Ltd. climbed 10 percent, after soaring yesterday by the maximum 44 percent in its first day of trading in Shanghai.

Rizhao Port

Port operators declined after rallying yesterday following State Council approval for an international transportation and logistics center in Dalian city. Rizhao Port dropped the most since September, trimming its advance this week to 12 percent. Dalian Port PDA Co. tumbled 10 percent, paring its weekly gain to 21 percent.

The threat of financial contagion posed by a repayment bulge this year for China’s trust funds has been delayed rather than dealt with, industry data suggest.

Credit Suisse Group AG, analyzing figures from Chinese data provider Wind Information Co., estimates policies are due to repay 1.5 trillion yuan ($241 billion) in the first quarter of next year, compared with about 1.3 trillion yuan this quarter. Nomura Holdings Inc. also predicts the maturity peak, at about 1 trillion yuan, is now more likely to come in 2015 than this quarter.

NQ Mobile Inc. plunged in New York yesterday after the Chinese mobile-security service provider said its audit committee head will step down and PricewaterhouseCoopers Zhong Tian LLP sought to expand its review of the company’s 2013 financial statements.

The iShares China Large-Cap ETF, the largest Chinese exchange-traded fund in the U.S., climbed 1.1 percent to $38.43, extending its weekly advance to 3.3 percent.

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