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1st LD-Writethru: Chinese shares gallop into gains after Spring Festival

Xinhua,February 22, 2018 Adjust font size:

BEIJING, Feb. 22 (Xinhua) -- Chinese stocks surged Thursday, the first trading day after the week-long Lunar New Year holiday.

The benchmark Shanghai Composite Index jumped 2.17 percent to close at 3,268.56 points, while the smaller Shenzhen Component Index closed 2.18 percent higher at 10,658.94 points.

Combined turnover on the two bourses expanded to 325.8 billion yuan (51.28 billion U.S. dollars) from 236.9 billion yuan the previous trading day.

Most stocks gained, with gainers outnumbering losers by 2,987 to 164 in the two bourses.

The Shanghai SE 50 Index, which tracks actively traded industry leaders, posted a sharp increase of 2.09 percent.

Nonferrous metals, food and beverage, as well as leisure sectors led the sharp gains, with over 40 stocks up by the 10-percent daily limit.

Chinese consumption habits during Spring Festival are expected to drive growth in apparel, household appliances and traditional festival-related sectors, according to Guotai Junan Securities.

Sales in the retail and catering sectors reached 926 billion yuan during the holiday, up 10.2 percent from last year's figure, the Ministry of Commerce said Wednesday.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, gained 1.88 percent to close at 1,677.77 points. Enditem

 

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