Chinese stocks close higher on last trading day before Spring Festival

BEIJING: The benchmark Shanghai Composite Index recorded a 1.28 percent increase to reach 2,865.9 points, as Chinese stocks closed higher on Thursday, marking the last trading day before the Spring Festival holiday. According to China Central Television, the Shenzhen Component Index closed 1.29 percent higher at 8,820.6 points. The combined turnover of stocks covered by the two indices exceeded the threshold of 1 trillion yuan (about US$140.72 billion) for the second straight day. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 1.16 percent to close at 1,726.86 points on Thursday. Over 4,800 shares ended higher -- including over 500 rising by the daily limit. A broad range of sectors experienced gains, with the computer, real estate, and machinery industries leading the way. Micro-cap stocks exhibited a solid upward trend, with the CSI 2000 Index, which reflects the performance of micro-cap securities in the Shanghai and Shenzhen stock markets, ultimately surging by o ver eight percent. This surge also led to multiple related ETF funds hitting their daily limit. China's stock markets will be closed from Friday through next week for the Lunar New Year holidays. Source: Emirates News Agency