(2nd Lead-Writethru) Shanghai index closes above 3,500-point mark

March 18, 2015 5:56 am 

BEIJING, March 17 — China's benchmark Shanghai Composite Index hit a near seven-year high on Tuesday, rising 1.55 percent to end at 3,502.85 points.

The Shenzhen Component Index went up 1.26 percent to close at 12,169.52 points.

Combined turnover on the two markets expanded to 1.12 trillion yuan (US$ 182 billion), up from the previous session's 912 billion yuan.

Analysts said market sentiment is strong as investors are expecting more supportive measures to be unveiled after the conclusion of China's annual parliamentary session.

Shares related to the Belt and Road initiatives rallied, with a number of construction, steel and shipping companies rising. Xinjiang Bayi Iron and Steel, and Shandong Hi-speed Road and Bridge both jumped by the daily limit of 10 percent.

Tibet-related shares performed well after the country's securities watchdog said it will help Tibet's businesses expand through a multi-layer equity market.

Tibet Galaxy Science and Technology Development rose 7.26 percent, Tibet Cheezheng Tibetan Medicine soared 4.91 percent, and Tibet Rhodiola Pharmaceutical Holding jumped nearly 4 percent.

Aviation shares were big gainers due to a sharp drop in global oil prices. Haiyan Airlines, Air China, China Eastern Airlines and China Southern Airlines all jumped by the daily limit of 10 percent.

Brokerage firms were strong, with SooChow Securities up 7.47 percent and Shenwan Hongyuan Group closing 7.15 percent higher.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 0.24 percent to end at 2,137.46 points. (PNA/Xinhua)

LGI/SSC

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