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1st LD-Writethru: Chinese shares close higher Friday

Xinhua, November 11, 2016 Adjust font size:

Chinese stocks closed higher Friday, with the benchmark Shanghai Composite Index up 0.78 percent, at 3,196.04 points.

The smaller Shenzhen Component Index closed 0.52 percent higher at 10,878.14 points.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, gained 0.18 percent to close at 2,147.11 points.

Total turnover on the Shanghai and Shenzhen bourses was 760.5 billion yuan (111.8 billion U.S. dollars) today, beating yesterday's 654.3 billion yuan.

Shares in the nonferrous metal, securities, oil and coal sectors led the rally while the medicine and logistics sectors were at the back of the pack.

The Chinese currency weakened sharply against the U.S. dollar Friday as global markets continued to digest the possible implications of the results of the U.S. presidential election.

The central parity rate of the renminbi, or the yuan, weakened 230 basis points to 6.8115 against the U.S. dollar Friday, breaking the threshold of 6.80 for the first time in about six years, according to the China Foreign Exchange Trade System.

Despite a weakened yuan, Avic Securities predicted that the stock market is not likely to experience dramatic fluctuations and market sentiment following U.S. Republican Donald Trump's victory in the presidential election will gradually ease. Endi