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1st LD-Writethru: Chinese shares surge after Fed rate hike

Xinhua, December 17, 2015 Adjust font size:

Chinese stocks ended notably higher on Thursday after the U.S. Federal Reserve decided to raise the key interest rate for the first time in nearly a decade.

The benchmark Shanghai Composite Index gained 1.81 percent to end at 3,580 points. The smaller Shenzhen index advanced 2.51 percent, or 314.45 points, to close at 12,825.48 points.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, jumped 2.63 percent to end at 2,835.7 points.

The total turnover of the two bourses stood at 996.4 billion yuan (153.9 billion U.S. dollars), up from 728.03 billion yuan the previous trading day.

Gainers outnumbered losers by 959 to 11 in Shanghai and 1,483 to 43 in Shenzhen. Nearly 140 stocks soared by the daily limit of 10 percent.

The shoe finally hit the floor -- That was market analysts' and investors' first reaction to the Fed's interest rate hike. They were cautious in the past few trading days as the U.S. rate rise was expected to have a significant bearing on emerging economies.

Shares related to real estate, steel, textile machinery, development zones, glass, and power generation were major gainers.

The sub-index for the real estate sector, covering 123 firms, surged over 4 percent. Eleven of its shares rose by 10 percent, including China Vanke Co., Ltd., the country's largest property developer by market value.

The steel sub-index, which tracks 38 steel firms, gained 3.94 percent. Five stocks hit the daily limit, including Pangang Group Vanadium Titanium & Resources, Shanghai Prosolar Resources Development, and Qingdao East Steel Tower Stock. Endi