| China's shares hit record high for 6th straight day |
SHANGHAI, Jan. 4 -- Chinese stocks hit a new record high for a sixth straight trading session today, driven by banks and other big-cap stocks as markets reopened after the New Year break.
The Shanghai Composite Index ended up 1.5 percent at 2715.72 after rising above the symbolic 2800 level for the first time to reach 2847.61 before falling back, the Associated Press reported today.
The Shenzhen Composite Index for China's smaller market edged up 0.6 percent at 553.69.
The yuan was mostly unchanged, trading at 7.8053 to the US dollar.
"The mainland market took cues from the neighboring Hong Kong market later in the day," said Wu Liewei, an analyst at KGI Securities.
The index in Hong Kong for mainland companies with shares traded there tumbled as Industrial & Commercial Bank of China, China Construction Bank and Bank of China fell after recent large gains.
On the mainland market, ICBC fell 2.4 percent, while Bank of China rose 3.7 percent.
"Investors may use any negative news as an excuse for profit-taking in the short term," Wu said.
An overnight fall in global crude prices helped airlines and China's biggest oil refiner, China Petroleum & Chemical, known as Sinopec.
Sinopec ended up 9.9 percent. Air China was up 9.9 percent, China Southern Airlines advanced 4.2 percent and the smaller regional carrier Hainan Airlines rose by the daily 10 percent limit.
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