* Shanghai Composite +0.61%, CSI300 +0.54%
* ChiNext rises 1.7%, CSI tech sub-index up 2.34%
* China industrial profits rise faster than expected in July
SHANGHAI, Aug 27 (Reuters) - China shares closed higher on Thursday, lifted by new data showing industrial profits rose in July, and as tech firms resumed a rally sparked by reforms to the country’s tech-heavy ChiNext board.
** At the close, the Shanghai Composite index was up 0.61% at 3,350.11. The blue-chip CSI300 index was up 0.54%. ** The smaller Shenzhen index closed 1.04% higher on Thursday. ** Profits at China’s industrial firms grew for a third straight month in July and at the fastest pace since June 2018, data from the National Bureau of Statistics (NBS) showed on Thursday. ** That helped a CSI300 sub-index tracking industrial firms rise 1.03%. ** Tech shares also bounced from the previous day’s slump, with the ChiNext Composite index ending 1.7% higher. The STAR 50 index of companies on China’s tech-focused STAR Market jumped 2.48%. ** The ChiNext board has rallied 2.16% this week on investor enthusiasm for relaxation of its listing and trading rules. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.38%, while Japan’s Nikkei index closed down 0.35%. ** At 07:10 GMT, the yuan was quoted at 6.8845 per U.S. dollar, 0.01% firmer than the previous close of 6.8855. ** The largest percentage gainers in the main Shanghai Composite index were Whirlpool China Co Ltd, up 10.06%, followed by Shanghai Industrial Development Co Ltd, gaining 10.04% and Zhejiang Shapuaisi Pharmaceutical Co Ltd , up by 10.01%. ** So far this year, the Shanghai stock index is up 9.8% and the CSI300 has risen 15.5%, while China’s H-share index listed in Hong Kong is down 8.8%. Shanghai stocks have risen 1.21% this month. (Reporting by Andrew Galbraith; Editing by Shailesh Kuber)
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