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1st LD-Writethru: Chinese shares close higher on Wednesday

Xinhua, June 17, 2015 Adjust font size:

Chinese shares closed higher on Wednesday, with the benchmark Shanghai Composite Index up 1.65 percent to finish at 4,967.90 points.

The Shenzhen Component Index gained 1.93 percent to close at 17,405.57 points.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 4.20 percent to end at 3,741.36 points.

During Tuesday's trading, winners outnumbered losers by 693 to 232 in Shanghai and by 1101 to 283 in Shenzhen.

Combined turnover for the two bourses shrank to 1.6 trillion yuan (261.72 billion U.S. dollars) from Tuesday's 1.7 trillion yuan.

Stocks related to steel and iron, electricity, nuclear power, real estate and the media industry led the gains. Shandong Iron and Steel Company surged 9.95 percent to end at 6.19 yuan per share. Shanghai Xinhua Media Co. surged by the daily limit of 10 percent to close at 24.05 yuan.

China Merchants Securities advised investors to focus more on sectors related to finance, real estate, steel and iron, coal, building materials, and nonferrous metal, citing these industries as key to steadying economic growth and the government's promise to roll out preferential policies for them.

Other analysts suggested securities, traditional Chinese medicine production, computer software and textile manufacturing are also likely to perform well. Endi