Chinese shares close higher
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E-mail Xinhua, May 31, 2017
Chinese stocks closed higher Wednesday after authorities announced new rules to regulate massive stock sales by major shareholders and latest data showing continued expansion in the manufacturing sector.
The benchmark Shanghai Composite Index went up 0.23 percent to end the day at 3,117.18 points, while the smaller Shenzhen Component Index closed 0.06 percent higher at 9,864.84 points.
Total turnover on the two bourses stood at 389.1 billion yuan (about US$56.98 billion).
The ChiNext Index, China's NASDAQ-style board, ended 0.23 percent higher to close at 1,763.73 points.
The market opened largely higher Wednesday morning after Chinese securities regulator Saturday announced new rules on the sale of stock by major shareholders and management, as disorderly and irregular stock sales have led to a negative impact on investor confidence and the real economy.
The move is expected to slow the pace of unloading stocks, protect small investors and guarantee stable market operations.
Official data released Wednesday showed that China's manufacturing sector expanded for the 10th straight month in May. The country's manufacturing purchasing managers' index came in at 51.2 in May, flat with April. Non-manufacturing PMI came in at 54.5 in May, up from 54 in April.
A reading above 50 indicates expansion.
Supermarkets and department stores surged Wednesday on news that Chinese e-commerce giant Alibaba had become the second largest shareholder of Lianhua Supermarket, a major Chinese supermarket chain, through share purchasing, in a move to combine online and offline retail.
Six retailing stocks including Beijing Hualian Hypermarket, Shanghai Join Buy and Hangzhou Jiebai Group rose by the daily limit of 10 percent.
The stock market was closed Monday and Tuesday for the three-day Dragon Boat Festival holiday.
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