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Chinese shares close higher Friday

20 May 2022, 19:05 GMT+10

© Provided by Xinhua

BEIJING, May 20 (Xinhua) -- Chinese stocks closed higher on Friday, with the benchmark Shanghai Composite Index up 1.6 percent, at 3,146.57 points.

The Shenzhen Component Index closed 1.82 percent higher at 11,454.53 points.

The combined turnover of stocks covered by the two indices stood at 920.6 billion yuan (about 136.4 billion U.S. dollars), up from 806.7 billion yuan the previous trading day.

Friday's gain came after China's decision to cut a market-based benchmark lending rate, the latest move to shore up the economy.

The over-five-year loan prime rate, on which many lenders base their mortgage rates, was lowered by 15 basis points to 4.45 percent, according to the National Interbank Funding Center.

Stocks related to coal, nonferrous metal and e-cigarettes posted strong performance, while real estate stocks were among the biggest losers.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 1.69 percent to close at 2,417.35 points on Friday.

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