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1st Ld-Writethru: China stocks close higher Tuesday

Xinhua, February 3, 2015 Adjust font size:

Chinese shares rebounded on Tuesday, a day after weak factory data dragged down shares.

The benchmark Shanghai Composite Index gained 2.45 percent to end at 3,204.91 points. The Shenzhen Component Index (SCI) added 2.24 percent to end at 11,209.19 points.

Total turnover on the two bourses grew to 517.2 billion yuan (84.28 U.S. dollars) from 466.7 billion yuan the previous trading day.

Chen Dongwei, an analyst with CITIC Securities, predicted that the SCI would fluctuate around the 3,100-point mark, which was a near-term bottom set about two weeks ago.

Chen cited the coming Spring Festival holiday and a new batch of IPOs next week as two factors that will put pressure on the stock market.

The financial and telecommunication sectors posted handsome gains. Guoyuan Securities surged 9.7 percent to 32.22 yuan and China Life Insurance climbed 9.03 percent to 36.72 yuan. Datang Telecom Technology Co., Ltd. rose 6.09 percent to 17.95 yuan and Fiberhome Telecommunication Technologies Co., Ltd added 2.56 percent to 18.04 yuan.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, surged 3.19 percent to end at 1,750.91 points. Endi