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1st LD Writethru: Chinese shares rally on Monday but pressure remains

Xinhua, May 23, 2016 Adjust font size:

Chinese stocks closed higher on Monday helped by rising turnover but market sentiment remained cautious due to a prolonged economic slowdown.

The benchmark Shanghai Composite Index climbed 0.64 percent to finish at 2,843.65 points, while the smaller Shenzhen index rallied 1.03 percent to close at 9,918.16 points.

Most shares on the two bourses went up, the banking sector being the only exception.

Turnover on the two bourses increased to 419.3 billion yuan (around 65 billion U.S. dollars), compared with 365.9 billion yuan on the previous trading day. Trading volume, however, remained low.

The lackluster trading suggests investor confidence has yet to recover fully despite warming signs on the market, which is being affected by ongoing de-leveraging of the economy, analysts said.

The ChiNext Index, China's NASDAQ-style board tracking growth innovative firms, jumped 1.59 percent to close at 2,098.23 points, encouraged by a new government policy to promote technological innovation. Endi