Chinese shares close higher led by heavyweights

Source: Xinhua| 2017-06-19 18:48:38|Editor: Zhou Xin
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BEIJING, June 19 (Xinhua) -- Chinese stocks closed higher Monday led by heavyweights and easing liquidity conditions.

The benchmark Shanghai Composite Index was up 0.68 percent to 3,144.37 points. The Shenzhen Component Index closed 0.7 percent higher at 10,262.8 points, the highest since April 21, 2017.

Total turnover of stocks in the two indices shrank by 3.4 percent to 351 billion yuan (51.6 billion U.S. dollars) from the previous trading day.

The ChiNext Index, China's NASDAQ-style board, was up 0.35 percent to 1,816.4 points.

Concerns over tight liquidity eased further Monday with a new injection of 120 billion yuan into the financial market by China's central bank via reverse repos.

The central bank attributed the new operations to a huge decline in overall liquidity due to factors including payments for government bonds.

The net liquidity injection through reverse repos was 110 billion yuan Monday, following last week's net injection of 410 billion yuan to ease a seasonal liquidity strain.

Most market heavyweights posted strong performance. Kweichow Moutai, a renowned Chinese liquor brand, gained 1.63 percent to 470.17 yuan, the highest price among all Chinese listed companies.

China Life Insurance rose 1.12 percent to 27.13 yuan. Sinopec, the largest oil refiner in China, rose 0.34 percent to 5.95 yuan.

Bucking the trend, the Industrial and Commercial Bank of China, Chinese largest commercial bank, dropped 0.79 percent, while the Agricultural Bank of China dropped 0.58 percent.