China stocks barely changed on
Thursday, as reform hopes that boosted shares of several
state-owned companies were largely offset by disappointment over
weak export data and growing concerns over yuan depreciation.
The blue-chip CSI300 index rose 0.1 percent, to
3,302.65, while the Shanghai Composite Index also gained
0.1 percent to 3,061.35 points.
Data released on Thursday showed China's September exports
fell 10 percent from a year earlier, far worse than expected,
raising concerns over China's economic health.
The figures, which point to weaker demand for Chinese goods,
deepened concerns over the value of the yuan, which
hit a fresh six-year low against the U.S. dollar on Thursday.
The bad news largely offset hopes that more listed
state-owned enterprises (SOE) would benefit from Beijing's plans
to reduce massive corporate debts through restructuring.
State-owned China First Heavy Industries and
First Tractor, which have unveiled their plans this
week, both shot up 10 percent, the most allowed.