Shanghai stocks up for fifth day

Shanghai stocks closed up for the fifth straight day on Wednesday, lifted by new-energy vehicle makers and transportation sectors while financial shares also recovered. 

The benchmark Shanghai Composite Index rose by 0.24 percent to 2,924.42 points while turnover dipped to 175.7 billion yuan (US$25 billion). 

Great Wall Motor Co Ltd advanced 2.38 percent to 9.03 yuan and Yangzhou Yaxing Motor Coach Co went up 1.97 percent to 8.80 yuan. 

Wuxi Lihu Corp Ltd rose 3.15 percent to 14.73 yuan. 

The ChiNext Composite index retreated from earlier gains, losing 0.91 percent to 1,718.25 points. 

China Eastern Airlines shot up 3.33 percent and Air China rose 1.88 percent to 8.66 yuan. China Southern Airlines added 1.35 percent. 

Industrial Bank Co advanced 2.33 percent and China Everbright Bank jumped 3.85 percent to 4.32 yuan while China Life Insurance went up 1.41 percent.  

China Great Wall Securities analyst Wang Yi said the recent raise of the inclusion factor for large-cap A-shares to 20 percent would further boost confidence and capital inflow into the market, and that liquidity would gradually improve in the next few months. 

Haitong Securities also expects property shares and the financial sector, which were largely undervalued, would gradually recover in the near future.