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Chinese shares hit 39-month high
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CHINA'S shares closed at their highest in almost 39 months Thursday with a record turnover, as last week's interest rate cut continued to boost market sentiment.
The benchmark Shanghai Composite Index rose 1 percent to finish at 2,630.49 points, the highest level since August 2011. The Shenzhen Component Index moved up 1.1 percent to close at 8,860.43 points.
Total turnover on the two bourses expanded to a record 619 billion yuan (US$100 billion) from the previous day's trading of 573 billion yuan.
Brokerage shares continued to perform well. Four firms including Founder Securities, Everbright Securities, Shanxi Securities and Sealand Securities jumped by the daily limit of 10 percent.
Insurance shares were strong. New China Life Insurance leapt by the daily limit of 10 percent. China Life Insurance advanced 5.88 percent to 21.98 yuan per share.
Robot and sports companies also performed well.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, closed 0.59 percent higher at 1,563.41 points.
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