Chinese stocks extend winning streak

Beijing, Feb 17 : Chinese shares continued to gain on Wednesday and rose to their highest point in three weeks.

The benchmark Shanghai Composite Index gained 1.08 percent to close at 2,867.34 points while the smaller Shenzhen index surged 1.16 percent at 10,161.77 points, Xinhua reported.

The ChiNext Index, which tracks China’s NASDAQ-style board of growth enterprises, edged up 0.61 percent to close at 2,215.34 points.

Total turnover on the two bourses continued to swell, standing at 569.68 billion yuan ($87.32 billion), compared with 500.34 billion yuan on the previous trading day.

Nearly 100 stocks rose by the daily limit of 10 percent, and over 2,000 stocks closed higher on Wednesday.

All sectors except the wine sub-index gained on Wednesday.

Sub-indexes related to manufacturing, such as the aviation, ship-building and machinery manufacturers led the gains.

China Gezhouba Group, China’s leading state-owned construction firm, surged 3.6 percent and closed at 5.76 yuan.

Heavyweights limited the momentum, with the financial sector closing with the least gains on Wednesday.

Chinese stocks opened cautiously lower and nudged up toward positive territory during the morning session, before dipping near the midday break and finishing the session slightly lower.

The shares rebounded immediately after the break, with gains accelerated near closing.


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