Chinese shares rise Friday to 6-week high

Chinese stocks rose on Friday to the highest level since Dec. 9, 2011, as investors expect the coming Spring Festival will boost consumer demands and further drive up the stock market. The benchmark Shanghai Composite Index gained 1 percent, or 23.04 points, to close at 2,319.12. The Shenzhen Component Index rose 1.78 percent, or 165.93 points, to finish at 9,466.14. Total turnover on the two bourses declined slightly to 114.51 billion yuan (18.14 billion U.S. dollars) from 115.87 billion yuan on the previous trading day. Gainers outnumbered losers by 761 to 153 in Shanghai, and by 1,206 to 176 in Shenzhen. This is the last trading day of the Year of the Rabbit in the Chinese lunar calendar. Experts say that strong consumer demands during the holiday usually push up shares related to consumption and thus attract investors. Producers of liquor, food, clothes and home appliance were all among the strongest gainers. The sub-index for liquor surged 2.59 percent, as wine and liquor are the ideal presents for relatives and friends during the Spring Festival, or Chinese Lunar New Year. Kweichow Moutai, a leading liquor producer in China, rose 2.92 percent to 185.97 yuan per share, while Wuliangye Yibin Co. Ltd. gained 3.93 percent to 31.76 yuan. Spring Festival falls on Jan. 23 this year. The stock market will close over the weeklong holiday and reopen on Jan. 30.