Chinese shares close up 1.69 percent

Chinese share prices closed up 1.69 percent on Thursday, recovering from previous losses and led by strong profit forecasts from financial stocks, dealers said.

They said shares started lower as oil refiners continued to sink further, but the trend was reversed in the afternoon with a strong rebound in banks and brokerages.

The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, added 1.69 percent, or 57.84 points, to 3,471.74 at 3pm.

Gainers in the Shanghai market outnumbered losers 692 to 146, while 15 were unchanged.

The Shenzhen Composite Index, which covers the mainland's smaller stock market, rebounded 2.19 percent, or 22.83 points, to 1,067.04.

The Shanghai A-share Index rose 60.83 points or 1.70 percent to 3,642.65 on turnover of 59.4 billion yuan. The Shenzhen A-share Index was up 24.20 points or 2.21 percent at 1,120.33 on turnover of 32.2 billion yuan.

(Agencies)