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1st Ld-Writethru: Chinese shares close slightly higher Wednesday

Xinhua, December 30, 2015 Adjust font size:

Chinese stocks closed slightly higher on Wednesday, erasing an early loss, with the benchmark Shanghai Composite Index gaining 0.26 percent to close at 3,572.88 points.

The Shenzhen index climbed 0.65 percent to finish at 12,889.83 points.The ChiNext Index, the NASDAQ-style board of growth enterprises, increased 1.08 percent to close at 2,779.51 points.

The Hushen 300 index, which tracks heavyweight stocks in Shanghai and Shenzhen, edged up 0.09 percent to close at 3,765.18 points.

The total turnover of the two bourses remained low, standing at 723.3 billion yuan (about 111.5 billion U.S. dollars), but expanding slightly from 659.7 billion yuan the previous trading day.

Analysts said investors remained cautious because of the looming expiration early next month of a six-month ban on share sales that was imposed on listed companies' major shareholders during the stock market rout this summer.

More than 60 shares gained by the daily limit of 10 percent, and 192 shares rose by over 5 percent.

Telecommunication companies posted handsome gains, boosted by the news that China will boost information infrastructure construction and accelerate high-speed broadband network construction in 2016, according to the Ministry of Industry and Information Technology (MIIT).

China United Network Communications, China's telecom mogul, rebounded from the previous trading day's losses by gaining 1.77 percent to close at 6.32 yuan. Datang Telecom Technology advanced 6.86 percent to 26.31 yuan per share.

Shares related to ceramics and the textile industry were also among the most remarkable winners, despite the pressure posed by the bad performance of the heavyweights. Endi