Chinese share prices close slightly higher on year's first trading day

Chinese share prices closed slightly higher on the first trading day of 2008 amid worries for more tightening policies in the year.

The benchmark Shanghai Composite Index, which covers both A and B shares, was up 11.25 points or 0.21 percent, to close at 5,272.8 points.

The Shenzhen Component Index on the smaller market climbed 155.53 points, or 0.88 percent, to stand at 17,856 points.

Heavy weight stocks pulled down the major indices but retail and food stocks gave a strong performance on the trading day.

The Hushen 300 Index, which accounts for 60 percent of the nation's stock market value, rose 46.83 points, or 0.88 percent, to close at 5,385.1 points.

The combined turnover of the two bourses amounted to 201.38 billion yuan (27.2 billion U.S. dollars), up from the 190 billion yuan for the previous trading day, or the last one of 2007.