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1st LD-Writethru: Chinese shares extend rally on Wednesday

Xinhua, June 24, 2015 Adjust font size:

Chinese shares continued their rebound on Wednesday, with the benchmark Shanghai Composite Index up 2.48 percent to finish at 4690.15 points.

The gain followed an increase of 2.19 percent on Tuesday, extending a rally that came after a series of steep falls last week.

The Shenzhen Component Index rose 1.66 percent to close at 16,312.31 points.

Combined turnover for the two bourses came in 1.5 trillion yuan (241.7 billion U.S. dollars).

Electricity and coal industries led the rally. Huadian Power International surged by the daily limit of 10 percent to close at 10.44 yuan. Chine Shenhua Energy climbed 5.4 percent to close at 22.87 yuan.

Liquor makers and oil firms also gained. Luzhou Laojiao soared by the daily limit of 10 percent to 31.77 yuan. China Oilfield Services went up 5.85 percent to 29.69 yuan.

Chinese shares will maintain a bullish run and the plunges last week were just a market correction as share prices had risen too quickly, said Yang Delong, chief analyst at China Southern Fund.

A large number of listed firms that are still fairly valued and no signs of bubbles have appeared on the market, according to a note to clients from Springs Capital, a Chinese private fund management firm.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 0.31 percent to end at 3,383.4 points. Endi