Reuters: Hot Stocks: China shares close down for week, CSI300 post sharpest weekly loss since 2010

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China shares close down for week, CSI300 post sharpest weekly loss since 2010 Feb 22nd 2013, 07:10 SHANGHAI | Fri Feb 22, 2013 2:10am EST SHANGHAI Feb 22 (Reuters) - China's main stock indexes closed down on Friday, with the CSI300 index posting its sharpest weekly drop since Nov. 2010. Analysts said that a period of "adjustment" is under way for mainland markets as investors digest new developments in the aftermath of an explosive rally that saw mainland stock indexes gain over 30 percent since early December. The rally appeared to peak on Feb. 8 prior to the Chinese Spring Festival, which saw markets close for a week. The CSI300 index, which tracks the largest firms listed in Shanghai and Shenzhen, declined every day this week except Wednesday. It fell 0.5 percent on Friday to close at 2,596.6 points, down 6.3 percent for the week. The Shanghai Composite Index closed down 0.5 percent as well to 2,314.2 points, slumping 4.9 percent this week, the biggest weekly drop since May 2011. (Reporting by Chen Yixin and Pete Sweeney; Editing by Jacqueline Wong)

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