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1st Ld-Writethru: Chinese shares end higher Tuesday

Xinhua, May 12, 2015 Adjust font size:

Chinese shares rallied on Tuesday as the central bank's rate cuts continued to boost market confidence.

The benchmark Shanghai Composite Index jumped 1.56 percent, or 67.64 points, to finish at 4,401.22 points.

The Shenzhen Component Index gained 0.81 percent, or 121.41 points, to close at 15,066.29 points.

Combined turnover on the two bourses amounted to 1.55 trillion yuan (around 250 billion U.S. dollars), up from 1.41 trillion yuan the previous trading day.

Sectors including the Internet, electricity, nuclear power, aircraft manufacturing and ship making led the rise. Shanghai Electric Group Company, a leading electrical equipment producer, surged 10 percent to close at 20.22 yuan per share. Plane manufacturer Avic Aircraft Co. rose nearly 6 percent to finish at 34.87 yuan per share.

Startup companies remained robust. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, refreshed its record high this year, soaring 3.29 percent to end at 3,250.3 points.

China's central bank, the People's Bank of China, on Sunday announced the third cut to interest rates since November, in a move aimed at bolstering the real economy. The cut entered effect on Monday. Endi