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1st LD-Writethru: Chinese shares rally Wednesday despite weak industrial data

Xinhua, November 11, 2015 Adjust font size:

Chinese stocks registered gains for the sixth consecutive trading day on Wednesday despite the release of data showing a weak industrial sector and fixed-asset investment.

The benchmark Shanghai Composite Index went up 0.27 percent to close at 3,650.25 points, while the smaller Shenzhen index gained 1.42 percent to close at 12,677.54 points.

In the last six days, the major Shanghai Composite Index climbed more than 10 percent.

Total turnover on the Shanghai and Shenzhen bourses stood at 1.14trillion yuan (179 billion U.S. dollars), down from 1.26 trillion yuan the previous trading day.

The Shanghai Composite Index opened lower in the morning and fluctuated during the day before recovering in positive territory at the end of trading.

Brokerages led the rebound with Northeast Securities and Western Securities surging by the daily limit of 10 percent at closing.

Recently listed companies saw strong performance, with 56 stocks reaching the daily upper limit.

Wednesday's gain came after the release of industrial output data with slowed expansion, growing 5.6 percent year on year in October, which indicated continuing downward pressure on the sector, according to the National Bureau of Statistics (NBS).

Fixed-asset investment also saw eased growth in the first 10 months of 2015, rising 0.1 percent slower than the expansion seen in the first three quarters, the NBS said.

In an encouraging sign, retail sales expanded by a yearly high of 11 percent in October, continuing from the strong performance seen in recent months.

On Wednesday, the ChiNext Index, China's NASDAQ-style board of growth enterprises, rose 2.11 percent to close at 2,804.68 points. Endi