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1st LD-Writethru: China stocks rise to 10-month high

Xinhua, November 21, 2016 Adjust font size:

China's benchmark Shanghai Composite Index rose 0.79 percent during Monday trading, closing at 3,218.15 points, a 10-month high.

The smaller Shenzhen index closed 0.1 percent higher at 10,899.92 points.

The ChiNext Index, which tracks China's NASDAQ-style enterprises, lost 0.25 percent, closing at 2,152.6 points.

Total turnover on the Shanghai and Shenzhen bourses was 593.3 billion yuan (86 billion U.S. dollars), an increase of 49 billion yuan on the previous trading day.

Supported by bullish commodity prices and signs of a stabilizing economy, most sectors advanced, led by insurance, machinery and petrochemical industries, while coal lost ground.

China Life Insurance climbed 7.79 percent to close at 24.76 yuan, encouraged by data showing China's Internet premiums increased nearly 70 fold over the last five years.

A number of shares rose by the daily 10 percent limit, covering sectors including high-tech, shoe-making and infrastructure.

The Chinese currency continued to weaken on Monday, with the central parity rate of the yuan weakening 189 basis points to 6.8985 against the U.S. dollar. A weak yuan helps Chinese exports.

Analysts attributed the yuan's weakness to a strong U.S. dollar -- the dollar index is still hovering near a 13-year high against a basket of currencies.

A raft of data showed a stabilizing economy has helped avoid a repeat of last year's stock market meltdown, even though the yuan has repeatedly hit eight-year lows.

Southwest Securities analysts highlighted the divergence between the strength of the main indexes and the lackluster performance on the ChiNext Index, which was roughly flat. Analysts believe the main indexes will perform better than the ChiNext over the coming six months. Endi