Chinese shares close higher on upbeat data

Chinese shares closed higher on Monday on upbeat economic data over the weekend, yet a smaller turnover was generated as the market remained cautious during the ongoing Communist Party of China (CPC) plenum.

The benchmark Shanghai Composite Index increased 0.16 percent, or 3.34 points, to finish at 2,109.47.

The Shenzhen Component Index gained 0.16 percent, or 13.28 points, to finish at 8,168.67.

Combined turnover on the two bourses shrank to 126.81 billion yuan (20.66 billion U.S. dollars) from 146.22 billion yuan the previous trading day.

A total of 22 stocks rose by their daily limit of 10 percent, while another 91 added more than 5 percent.

The liquor sector and the pharmaceutical sector led Monday's rises, edging up 2.41 percent and 2.28 percent, respectively. Bucking the trend, stocks related to development zones dived 4.28 percent.

China's consumer price index grew 3.2 percent year on year in October, up from 3.1 percent in September, official data showed on Saturday, adding to proof of an improving economy.

The country's industrial production also grew faster in October, with industrial value-added output expanding 10.3 percent year on year, 0.1 percentage points higher than that of September.

Analysts said a stabilizing economy would leave room for the government to carry out its reform.

The meeting from Saturday to Tuesday is expected to lay out a package of comprehensive reforms for the next five to ten years.