Strong corporate performance pushes Chinese shares up

Updated 2017-04-28 17:01:17 Xinhua

Chinese major indices edged up Friday, after listed companies reported strong performance in the first quarter.

The benchmark Shanghai Composite Index rose 0.08 percent to 3,154.66 points, up for a fourth trading day from a three-month low Monday.

The Shenzhen Component Index closed 0.05 percent higher at 10,234.65, also rising for a fourth day.

Combined turnover on the two bourses shrank to 406.5 billion yuan (59 billion U.S. dollars) from 520.9 billion yuan Thursday.

Chinese listed companies reported strong performance in both 2016 and the first quarter of 2017.

Preliminary data showed the revenue of listed companies rose 21.44 percent and net profit surged 26.62 percent in the first quarter.

For more than 2,900 companies that had filed 2016 annual reports to the Shanghai and Shenzhen bourses by Thursday, combined revenue rose 6.55 percent to about 30 trillion yuan, and their net profits rose 4.78 percent to 2.58 trillion yuan.

The ChiNext Index, China's NASDAQ-style board, ended 0.42 percent higher to close at 1,850.73 points.

Market heavyweights had mixed results in Friday trading.

China Shenhua, the country's largest coal miner, rose 0.83 percent to 19.47 yuan. China Life Insurance rose 0.46 percent to 26.13 yuan.

Poly Real Estate, a major property developer, dropped 1.36 percent to 9.42 yuan.

China's top alcohol brand Kweichow Moutai dropped 1.89 percent Friday, after hitting its highest closing price of 421.44 yuan Thursday on the back of a net profit surge in the first quarter.

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