Strong financial, coal shares push China key stock index higher

Updated 2017-08-25 17:01:32 Xinhua

Chinese shares closed higher Friday, led by strong performance by financial and coal sectors.

The benchmark Shanghai Composite Index went up 1.83 percent to close at 3,331.52. The Shenzhen Component Index closed 1 percent higher at 10,659.01.

Trading picked up, with combined turnover on the two bourses reaching 466.2 billion yuan (70 billion U.S. dollars), up from 407.7 billion yuan the previous trading day.

Shares related to the financial sector led the gains. Bank of Nanjing closed 5.14 percent higher to 8.18 yuan per share, and New China Life Insurance surged 5.01 percent to end at 64.18 yuan.

Boosted by rising commodity prices, the coal industry performed well, with Yang Quan Coal Industry jumping 6.75 percent to close at 8.07 yuan.

Investors were also bullish on the country's ongoing state-owned enterprise reform, with related stocks performing well.

China Unicom, the country's second-largest telecom company, saw its shares rise 0.24 percent to close at 8.38 yuan on the Shanghai Stock Exchange.

China Unicom shares experienced a trading suspension for more than four months as the company considered "mixed-ownership reform," which includes private placement of its shares.

Since trading resumed Monday, shares in the company surged over 20 percent before falling Thursday.

The ChiNext Index, China's NASDAQ-style board, gained 0.95 percent to close at 1,812.88.

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