China's bluechip index down on falls in resources, but up for 8th week

China's bluechip CSI300 Index advanced for the 8th straight week, although it fell on Friday and gains were capped by resources shares amid an extended pullback in commodities market. CSI300 fell 1.0 percent, to 3,528.95 points, while the Shanghai Composite Index lost 0.9 percent to 3,243.84 points.
For the week, CSI300 settled up 0.2 percent, while SSEC was down 0.6 percent. Most sectors lost ground, led by financials and properties. Gains were only seen in the energy sector. Coal miners slumped as Shanghai coking coal and coke futures slid further after a sharp rally, offsetting gains in other energy stocks on the back of this week's deal by the Organisation of Petroleum Exporting Countries to cut output.
Heavyweight base metal producers followed broader resources sector lower, while big-cap industry-leading bluechips took a breather after recent surge. Investors also were wary of a hard rally by China's oil giants Sinopec and PetroChina, which jumped 8 percent and 4.9 percent at one point, as in the past those gains have been quickly followed by steep correction.
China United Network Communications tumbled 6.7 percent, retreating from a 15-month high, after the company denied media reports that its mixed-ownership reform plan could be finalised. China United Network Communications has surged 65 percent since end-September as investors bet on its reform expectation.