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1st LD-Writethru: Chinese shares close higher Thursday

Xinhua, January 26, 2017 Adjust font size:

Chinese stocks rose for a fifth consecutive trading day Thursday, boosted by rising industrial profits in 2016, concluding the Year of the Monkey on a strong note.

The benchmark Shanghai Composite Index went up 0.31 percent, closing at 3,159.17 points.

The smaller Shenzhen Component Index closed 0.74 percent higher at 10,052.05 points. The ChiNext Index, which tracks China's NASDAQ-style enterprises, rose 0.83 percent to close at 1,886.23 points.

Total turnover on the two bourses remained thin partly due to rising cash demands before Lunar New Year, which falls on Saturday. The next lunar year will be the Year of the Rooster.

China's major industrial firms reaped good returns in 2016 on the back of a construction boom, according to data from the National Bureau of Statistics.

Industrial companies reported an 8.5 percent profit increase, reversing the 2.3 percent decline in 2015.

Non-ferrous metal, steel and home appliance sectors led the rise.

Jiangxi Copper, a leading copper producer, jumped by the daily limit to 20.78 yuan per share, and Inner Mongolia Baotou Steel Union, the country's major steel mill, rose 1.38 percent to 2.94 yuan per share.

Bucking the trend, oil refinery, airports and shipping sectors saw big losses. Endi