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1st LD Writethru: Chinese shares end higher on encouraging data

Xinhua, August 9, 2016 Adjust font size:

Chinese stocks continued to rise Tuesday, as China's improving producer price index showed easing deflationary pressure.

The benchmark Shanghai Composite Index went up 0.71 percent to close at 3,025.68 points.

The Shenzhen index closed 0.92 percent higher at 10,564.78 points. The ChiNext Index, tracking China's NASDAQ-style board of growth enterprises, was up 1.12 percent to close at 2,154.51 points.

China's producer price index (PPI), which measures costs for goods at the factory gate, edged up 0.2 percent on a month-on-month basis, said the National Bureau of Statistics (NBS) Tuesday, even as the reading dropped 1.7 percent year on year.

The PPI decline narrowed from a 2.6-percent decrease in June thanks to stronger industrial product prices for nonferrous and ferrous metals, the NBS said in an online statement.

The PPI figures came with the release of the consumer price index, which grew 1.8 percent year on year in July, down from June's 1.9 percent.

Tuesday's markets saw a consecutive increase in trading volume. The combined turnover on the Shanghai and Shenzhen bourses climbed 11.84 percent to 463.317 billion yuan (about 69.57 billion U.S. dollars) from 414.27 billion yuan on Monday.

Most sectors had a climbing day Tuesday. Graphene shares made some of the biggest gains, as Hangzhou Cable Co. and Dongxu Optoelectronic Technology Co. both soared by the 10-percent daily limit. Endi