Chinese shares close higher

Chinese shares close higher

BEIJING (Xinhua): Chinese stocks closed higher on Wednesday, led by automobile, home appliance and banking sectors.

The benchmark Shanghai Composite Index closed up 0.71 percent, at 2,544.34 points, with the Shenzhen Component Index closing 0.76 percent higher at 7,447.93 points.

The combined turnover of stocks in the two indices rose to 379.3 billion yuan (about 55.4 billion U.S. dollars) from 299.7 billion yuan the previous trading day.

Shares of automobile and home appliance sectors climbed across the board, as Ning Jizhe, deputy head of the country’s top economic planner, said Tuesday that consumption should better play its fundamental role in supporting growth, with policies to be rolled out to stabilize consumption for automobiles and home appliances.

Zotye Auto, Haima Automobile and Great Wall Motors surged by the 10 percent daily limit.

Natural gas and military sectors bucked the trend and suffered loss Wednesday.

The ChiNext Index, China’s NASDAQ-style board of growth enterprises, was down 0.08 percent to close at 1,262.52 points Wednesday.

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