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1st LD-Writethru: Chinese shares close higher Friday on upbeat economic data

Xinhua, March 31, 2017 Adjust font size:

Chinese stocks closed higher Friday after data showed China's manufacturing activity expanded at a faster pace than expected in March, fresh evidence of a stabilizing economy.

The benchmark Shanghai Composite Index went up 0.38 percent, at 3,222.51 points. The smaller Shenzhen index closed 0.78 percent higher at 10,428.72 points.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, gained 0.72 percent to close at 1,907.34 points.

Combined turnover came in at 463.6 billion yuan (67.3 billion U.S. dollars).

China's manufacturing sector in March stayed above the boom or bust mark for the eighth month in a row, the National Bureau of Statistics (NBS) said on Friday.

The country's manufacturing purchasing managers' index (PMI) came in at 51.8 in March, higher than 51.6 recorded in February, according to NBS data.

A reading above 50 indicates expansion, while a reading below 50 reflects contraction.

The reading beat market expectations and was the highest in nearly five years. In April 2012, it reached 53.3.

Shares related to ship building gained the most. CSSC Science & Technology rose 7.42 percent to close at 20.69 yuan, and Asian Star Anchor Chain increased by the daily limit of 10 percent to close at 9.85 yuan. Endi