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1st LD-Writethru: Chinese shares close higher Monday

Xinhua, July 4, 2016 Adjust font size:

Chinese stocks closed higher on Monday, with the benchmark Shanghai Composite Index up 1.91 percent, at 2,988.6 points.

The smaller Shenzhen index closed 1.45 percent higher at 10,609.86 points.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, gained 1.7 percent to close at 2,248.71 points.

Turnover on the two bourses stood at 658.7 billion yuan (101 billion U.S.dollars), up from 520.3 billion yuan the previous trading day.

The non-ferrous metal sector performed strongly as the industry is showing signs of a recovery despite economic headwinds.

The industry raked in 68.74 billion yuan of profit in the first five months, up 8.6 percent year on year, according to the Ministry of Industry and Information Technology.

Meanwhile, shares of China Vanke, the country's largest home builder, plunged in Shenzhen as their trading resumed on Monday following more than six months of suspension.

The stock price tumbled by the daily limit of 10 percent to 21.99 yuan at the opening of the market.

The real estate giant suspended trading in December 2015 after a tussle over control of the company after the privately-owned Baoneng Group quietly bought enough shares to become its largest holder. Endi