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China stocks edge up in nervous trade as key resistance looms

SHANGHAI: China stocks rose slightly on Tuesday, but caution prevailed after a steady run-up in recent months pushed the main index near its late-November peak, a key technical resistance.
Hong Kong shares were little changed, with a rally that began in December showing further signs of fatigue and as investors awaited a speech by U.S. President Donald Trump for details on tax reform and infrastructure spending.
China's blue-chip CSI300 index rose 0.2 percent, to 3,451.96 points by the midday break, while the Shanghai Composite Index gained 0.3 percent, to 3,237.74 points.
The market has rebounded more than 6 percent since mid-January on signs of economic recovery.
Activity in China's manufacturing sector likely grew modestly for the seventh month in a row in February as resource prices extended a rapid rally, a Reuters poll showed.
However, some investors have grown increasingly cautious, as Beijing shifts toward tighter monetary policies and strengthens market regulations.
A monthly Reuters poll showed that Chinese fund managers have trimmed suggested equity exposure for the next three months, while recommending higher bond exposure.
"The market will remain rangebound, as most participants are uncertain about future trends," a Shanghai-based fund manager said.
Meanwhile, they recommended accumulating financial stocks and in cyclical sectors such as metals and machinery that benefit from a building boom.
Most sectors rose on Tuesday, with property and energy shares leading the gain.