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1st LD-Writethru: Chinese shares on winning streak

Xinhua, March 7, 2016 Adjust font size:

Chinese shares continued to gain on Monday following a four-day winning streak last week, encouraged by pro-growth measures and a rebound in oil and commodity prices.

The benchmark Shanghai Composite Index went up 0.81 percent to close at 2,897.34 points while the smaller Shenzhen index rose 1.75 percent to 9,703.83 points.

The ChiNext Index, the NASDAQ-style board of growth enterprises, climbed 2.43 percent to 1,953.33 points.

Total turnover on the two bourses decreased to 478.62 billion yuan (73.51 billion U.S. dollars), compared with Friday's 640.65 billion yuan.

Gainers outnumbered losers by 914 to 75 in Shanghai and 1,471 to 63 in Shenzhen.

Sectors including mining, nonferrous metals, Internet safety, communications and electronics led the gains.

The recovery in commodity prices boosted the gold and mining sectors, with both Jingui Silver Industry Co., Ltd. and Western Region Gold up by the daily limit of 10 percent.

Chinese authorities have been busy lately reassuring people that the economy will remain on a solid footing.

Finance Minister Lou Jiwei said on Monday that businesses' tax burdens will be reduced as business tax in all industries will be replaced by value-added tax before May. Lou also suggested the government may roll out policies to handle a mild rise in banks' bad loans.

In the annual government work report on Saturday, Premier Li Keqiang listed industrial upgrades, agricultural modernization and developing sci-tech infrastructure among a number of priorities for the year ahead.

Shares in the Internet safety and agricultural industries were buoyed by the comments. Endi