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1st LD-Writethru: China stocks close higher Thursday

Xinhua, April 27, 2017 Adjust font size:

China's key stock index briefly tumbled to a three-month low in the morning session but managed to recoup hefty losses in the afternoon to end the day in positive territory, lifted by strong performance of shares related to the Belt and Road Initiative.

The benchmark Shanghai Composite Index went up 0.36 percent to close at 3,152.19 points while the smaller Shenzhen Component Index closed 0.24 percent higher at 10,229.19 points.

Total turnover on the two bourses stood at 520.9 billion yuan (75.6 billion U.S. dollars), up from the previous day's 430.76 billion yuan.

The ChiNext Index, China's NASDAQ-style board, ended 1.23 percent higher at 1,842.92 points.

The Shanghai index tumbled to below 3,100 points in the morning before strong shares related to the Belt and Road and environmental protection boosted the market.

Jiangsu Lianyungang Port and Guangzhou Port both surged by the daily limit of 10 percent to end the day at 7.67 yuan and 10.3 yuan per share, respectively.

China's major industrial firms continued to post double-digit growth in March, adding to signs of a stabilizing Chinese economy, official data showed Thursday.

The companies reported a 23.8-percent year-on-year profit growth last month, slowing from 31.5 percent in January and February but still much faster than the 8.5-percent increase in 2016, according to the National Bureau of Statistics. Endi