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1st LD-Writethru: Chinese shares close after mixed performance Wednesday

Xinhua, September 7, 2016 Adjust font size:

Chinese stocks closed after a mixed performance on Wednesday, with the benchmark Shanghai Composite Index up 0.04 percent to close at 3,091.93 points.

The Shenzhen Component Index closed 0.21 percent lower at 10,838.71 points.

Combined turnover on the two bourses rose to 560.7 billion yuan (84.25 billion U.S. dollars).

The ChiNext Index, tracking China's NASDAQ-style enterprises, was down 0.49 percent to close at 2,212.05 points.

The Shanghai index experienced a roller coaster day. It dipped below 3,090 points shortly after the opening of the morning session, but gradually regained the lost ground and rose above 3,100 points during the morning.

It dropped below 3,090 points again in the afternoon trading session but managed to swing back into positive territory before the end of the day.

Shares related to public-private partnerships (PPPs), including water conservation, underground pipe networks and gas continued to gather strength.

The share price of China Gezhouba Group, a construction and engineering company, rose 2.44 percent to 8.81 yuan. Shaanxi Provincial Natural Gas increased by 1.35 percent to 10.5 yuan.

PPPs are collaborative projects between governments and private companies, mainly funded and operated by the latter. A Ministry of Finance official told Xinhua that more fiscal policies supporting green financing were on the horizon, including those related to fiscal interest deduction and PPP projects.

The central government will promote and speed up PPP legislation, said Finance Minister Lou Jiwei, while delivering a report during a legislative session last Wednesday.

Bucking the trend, high-tech, communication and transportation shares weakened. IFLYTEK, a company that develops Siri-like speech and language technology, saw a dip in its share price of 0.69 percent to 30.31 yuan. Endi