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1st LD-Writethru: Chinese shares close higher Thursday

Xinhua, May 21, 2015 Adjust font size:

Chinese shares closed higher Thursday, with the benchmark Shanghai Composite Index up by 1.87 percent to finish at 4,529.42 points.

The Shenzhen Component Index gained 3.49 percent to close at 15,872.53 points.

Total turnover on the two bourses reached around 1.55 trillion yuan (252.8 billion U.S. dollars), with nearly 400 shares surging by the daily limit of 10 percent.

The sectors of medical equipment and services, broadband, shipping, reform of state-owned enterprises, online education and payment were robust.

Datang Telecom Technology Co. surged by the daily limit of 10 percent to close at 35.49 yuan per share. China shipping Container Lines Co. also soared by 10 percent to 10.73 yuan.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, surged 3.56 percent to end at 3,527.41 points. Over 100 shares soared by the daily limit of 10 percent.

The HSBC flash manufacturing purchasing managers' index (PMI) for April, which stood at 49.1 in May, below the 50-point mark that distinguishes expansion from contraction, pointed to continued contraction in China's manufacturing activity.

Analysts expect more stimulus measures to be rolled out, an HSBC survey showed Thursday.

However, the latest figure had little impact on the stock market, with the benchmark Shanghai Composite Index holding steady in positive territory following the report.

Gao Xiang, an analyst with CITIC Securities, said the bullish performance will probably continue, citing the government's reform policies, including the "Made in China 2025" plan, as the impetus to boost manufacturing and deepen integration of information and industry. Endi