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1st LD Writethru: Chinese shares close mixed Monday

Xinhua, August 29, 2016 Adjust font size:

Chinese stocks closed mixed on Monday, with the benchmark Shanghai Composite Index down 0.01 percent to close at 3,070.03 points.

The Shenzhen index closed 0.29 percent higher at 10,724.4 points. The ChiNext Index, tracking China's NASDAQ-style board of growth enterprises, was up 0.16 percent to close at 2,193.2 points.

Turnover on the two bourses fell to 431.87 billion yuan (around 64.65 billion U.S. dollars), down from 475.2 billion yuan the previous trading day.

Environmental protection shares rallied, with Kerong Environmental Co. jumping by the 10-percent daily limit to 8.56 yuan.

Aviation and military shares were broadly higher, buoyed by the establishment of the Aero Engine Corporation of China (AECC) on Sunday.

Avic Aviation Engine Corp., a leading aircraft engine producer, rose 2.78 percent to finish at 36.92 yuan.

However, the rise in the two sectors was offset by drops in the banking sector. Lenders fell across the board on speculation that they may be asked to convert loans into equities in some struggling state-owned borrowers next month.

Industrial and Commercial Bank of China, the biggest lender by market value, fell 0.22 percent to close at 4.49 yuan. Endi