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1st LD-Writethru: Chinese stocks rise for 7th day

Xinhua, February 17, 2015 Adjust font size:

Chinese stocks rose for a seventh consecutive trading day on Tuesday, the last trading day before the week-long Spring Festival holiday.

The benchmark Shanghai Composite Index rose 0.76 percent to end at 3,246.91 points. The Shenzhen Component Index gained 1.06 percent to end at 11,718.56.

Total turnover on the two bourses shrank to 512.72 billion yuan (83.6 billion U.S. dollars) from 541 billion yuan the previous trading day. Some 70 stocks rose by the daily trading limit.

The Lunar New Year falls on Thursday this year. People will enjoy a holiday from Wednesday to Feb. 24.

Chen Dongwei, an analyst with CITIC Securities, said that Tuesday's rise on both bourses cemented a perfect conclusion to the Year of the Horse by making a seven-day rising streak.

Automakers, developers and commercial banks were all among the strongest gainers on Tuesday, with their respective sub-indices surging by 1.87, 1.72 and 1.27 percent, respectively.

BYD Company Limited, a Shenzhen-based automaker, rose by 10 percent, the highest level for an existing stock to rise or fall in a trading day.

China Vanke, the country's largest property developer, rose 1.03 percent to 12.77 yuan. Poly Real Estate, the second-largest developer in China, rose 1.31 percent to 10.09 yuan.

The Industrial and Commercial Bank of China, the No. 1 commercial bank in the country, rose 1.58 percent to 4.49 yuan. Endi