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1st LD-Writethru: Chinese shares close higher Thursday

Xinhua, May 11, 2017 Adjust font size:

Chinese shares drifted into negative territory for most of the day but managed to recoup most of the losses by the end of the trading day, lifted by strong heavyweight performance.

The benchmark Shanghai Composite Index increased 0.29 percent to end the day at 3,061.5 points, and the smaller Shenzhen Component Index closed 0.2 percent higher at 9,776.45 points.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, ended 0.06 percent higher to close at 1,772.41 points.

Market sentiment remained fragile as regulatory measures on the financial sector continued to intensify.

Shares related to Xiongan New Area, a new economic zone to be built near Beijing, drove the rebound Thursday. Six firms, including Tianjin Motimo Membrane Technology and Capital Environmental Protection Co., surged by the daily limit of 10 percent.

China announced plans last month to create Xiongan New Area, which authorities described as a "major historic and strategic choice" that would be "crucial for the millennium to come," sparking investors' enthusiasm over related stocks.

Shares related to Belt and Road Initiative were also strong ahead of the Belt and Road Forum for International Cooperation on May 14-15. Jiangsu Lianyungang Port jumped 10 percent to end the day at 8.21 yuan (1.19 U.S. dollars). Endi