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1st LD-Writethru: IPOs drive Chinese share gains

Xinhua, December 9, 2015 Adjust font size:

Chinese stocks gained on Wednesday due to impressive performances from newly-listed companies.

The benchmark Shanghai Composite Index increased 0.07 percent to close at 3,472.44 points, while the smaller Shenzhen index gained 0.12 percent to close at 12,179.83 points.

Total turnover on the two bourses stood at 718.2 billion yuan (111.97 billion U.S. dollars), down from 788.6 billion yuan the previous trading day.

Six companies were listed on Wednesday in a resumption of initial public offerings (IPO). They all gained significantly, with Bomin Electronics Co., Ltd. and Banbao Co., Ltd. soaring by 44 percent, the limit for IPOs.

Real estate stocks, which cover 123 property developers, also helped push up the indices. China Vanke Co., Ltd. jumped by the 10-percent daily limit.

Sixty-seven of the property developers rose, helping the index increase nearly 1 percent as a whole.

Financial heavyweights were another leader of the advance on Wednesday.

Bank of China rose 1.23 percent to 4.11 yuan. China Construction Bank increased more than 1 percent to 5.81 yuan per share. CITIC Securities, China's largest brokerage firm, jumped 0.85 percent after losing 1.45 percent the previous trading day.

In contrast, the ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, was down 0.88 percent to close at 2,667.91 points. Endi