Chinese shares close a bit higher

China's two bourses recorded a continuous expansion in combined turnover on Wednesday, with transport and harbor shares in favor but major blue chips dropping slightly.

The benchmark Shanghai Composite Index climbed up 0.24 points, or 0.01 percent, from the previous day to end Wednesday trading at a new record high of 3,291.54 points, with transaction volume at 116.64 billion yuan (15.15 billion U.S. dollars).

The key stock indicator, which tracks both A- and B-shares, fluctuated between 3,266.56 points and 3,308.15 points, surging past the 3,300-point barrier in the morning session.

The Component Index on the Shenzhen Stock Exchange experienced a much bigger gain--up 126.99 points, or 1.42 percent--to close at 9,090.46 points on a turnover at 63.649 billion yuan (8.27 billion U.S. dollars).

The combined turnover for the two bourses summed up to 180.3 billion yuan (23.42 billion U.S. dollars), expanding from the previous day level of 170.26 billion yuan (22.1 billion U.S. dollars).

Most heavyweights underwent a correction. Despite a rosy earnings report released late Tuesday, the Industrial and Commercial Bank of China, fell 1.60 percent to 5.63 yuan.

The Bank of China went down 1.05 percent to 5.63 yuan, China Life, the country's largest life insurer, down 1.65 percent to 35.26 yuan, and Sinopec, one of the nation's two leading oil and gas producers, down 1.55 percent to 10.18 yuan.

However, port, aviation and railway stocks chalked up impressive performance, with steel shares recovered upon a correction.

Analysts cited news about March capital inflow as a favorable factor behind the sustained bullish trend on the domestic capital markets.

It is reported that by the end of March, capital ready for securities trading amounted to 866.1 billion yuan (112.5 billion U.S. dollars) on the A-share markets, 201.2 billion yuan (26.1 billion U.S. dollars) more than a month earlier.

On Wednesday, the Hushen 300 Index, which reflects the whole fluctuation of China's Shanghai and Shenzhen stock exchanges, closed at 2,911.28 points, up 23.71 points, or 0.82 percent, from the previous close.

Source: Xinhua