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1st LD-Writethru: Chinese shares close higher on Monday

Xinhua, September 5, 2016 Adjust font size:

Chinese stocks closed higher on Monday, with the benchmark Shanghai Composite Index up 0.15 percent to close at 3,072.1 points.

The Shenzhen index closed 0.52 percent higher at 10,695.45 points. The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, was up 0.54 percent to close at 2,182.69 points.

Turnover on the two bourses stood at 410.08 billion yuan (61.32 billion U.S. dollars).

Shares related to public-private partnership (PPP) projects, coal, steel and nonferrous metals rallied. Chihong Zinc & Germanium Co., Ltd. jumped by 9.05 percent to 13.25 yuan.

A Ministry of Finance official told Xinhua on Friday that more fiscal policies supporting green financing will be implemented, including fiscal interest deduction and PPP projects.

PPPs are collaborative projects between governments and private companies that are mainly funded and operated by the latter.

The food and hotel sectors were also broadly higher. Guangzhou Lingnan Group Holdings Co., Ltd., which deals mainly in the hotel business, rose by the daily limit of 10 percent to 14.39 yuan.

Bucking the trend, transportation shares weakened as data showed earlier in the day that the growth rate of China's national freight volume, an indicator of economic activity, slowed in July.

Railways, highways and waterways carried a total of 3.63 billion tonnes of cargo in July, up 4 percent year on year, 0.7 percentage points lower than the growth in June, Ministry of Transport data showed on Monday.

Hengtong Logistics Co., Ltd. was down 0.13 percent to 35.75 yuan. Endi