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1st Ld-Writethru: Chinese shares start 2017 with strong gains

Xinhua, January 3, 2017 Adjust font size:

China's stock market got off to a strong start in 2017, with strong gains in major indices in the first trading day of the year, partly driven by more signs of economic stabilization.

The benchmark Shanghai Composite Index rose 1.04 percent to close at 3,135.92 points. The Shenzhen Component Index closed 0.84 percent higher at 10,262.85.

Turnover on the two bourses both expanded from the previous trading day, a signal of higher investor confidence.

The ChiNext Index, which tracks China's NASDAQ-style enterprises, gained 0.06 percent to close at 1,963.26 points.

China's manufacturing activity expanded for a fifth month in December, with the sector's purchasing managers' index (PMI) at the second highest monthly reading for 2016, the National Bureau of Statistics said Sunday.

The Caixin China Manufacturing PMI, a private gauge of China's manufacturing activity, hit a 47-month high of 51.9 in December, according to a survey released Tuesday.

Several brokerage firms, including Haitong Securities and GF Securities, expressed stock market optimism for 2017.

Aircraft manufacturers and financial institutions were among big gains, with the sub-indices rising 4.24 percent and 1.6 percent respectively.

China Citic Bank surged 5.3 percent to 6.75 yuan (0.97 U.S. dollar) per share, while China Life Insurance rose 4.82 percent to 25.25 yuan.

Market heavyweights gained across the board. Sinopec, the country's largest oil refiner, rose 1.85 percent. China Shenhua, the country's largest coal miner, edged up 0.06 percent.

The strong performance Tuesday was in contrast with stock market plunges in 2016. The Shanghai Composite Index dropped 12.31 percent last year, while the Shenzhen Component Index plunged 19.64 percent. Endi