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1st LD-Writethru: China shares close higher, bank shares strong

Xinhua, March 9, 2015 Adjust font size:

Chinese shares closed higher on Monday, led by a strong performance by bank and insurance shares.

The benchmark Shanghai Composite Index rose 1.89 percent to finish at 3,302.41 points. The Shenzhen Component Index advanced 1.24 percent to close at 11,533.23 points.

Combined turnover on the two bourses amounted to 657 billion yuan (107 billion U.S. dollars), slightly higher than the previous trading session's 650 billion yuan.

Li Hai, an analyst with CITIC Securities, said bank shares rallied on news that commercial banks may soon be given the license to conduct securities business and futures trading,

Bank of Ningbo and Bank of Nanjing rose by the daily limit of 10 percent. Industrial Bank shot up 8.72 percent to 14.71 yuan per share.

Insurance shares performed well, with China Life Insurance rising 2.95 percent and New China Life Insurance up 2.57 percent.

Wine shares also rose, with leading liquor maker Kweichow Moutai jumping 4.32 percent and Tonghua Grape Wine closing up 5.08 percent.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 2.20 percent to end at 1,994.39 points. Endi