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1st LD-Writethru: Chinese shares close higher Tuesday

Xinhua, November 24, 2015 Adjust font size:

China's stocks closed higher on Tuesday with impressive performance from newly-listed stocks.

The benchmark Shanghai Composite Index went up 0.16 percent to close at 3,616.11 points. The smaller Shenzhen index gained 0.86 percent to close at 12,694.86.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, climbed 1.64 percent to close at 2,816.05.

Total turnover on the two bourses shrank to 858.6 billion yuan (134.5 billion U.S. dollars) from 1.07 trillion yuan the previous trading day.

Recently listed companies were in negative territory in the morning but managed to close higher in the afternoon, with more than 60 stocks up by the 10-percent daily limit.

Market confidence was boosted by the news that 10 companies will be listed in the near future, evidence that the authorities think the market has returned to normal following summer of turmoil.

The China Securities Regulatory Commission announced early this month that it will allow 28 companies, whose listings were already approved but halted in July, out of the gate by the end of this year.

On Tuesday, shares in semi-conductors, pork and Internet pocketed handsome gains as IPOs resume. Muyuan Foods CO., Ltd. and Ningbo-based Tech-bank Co., Ltd both rose by 10 percent. Endi