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1st LD-Writethru: Chinese shares edge up Friday

Xinhua, April 22, 2016 Adjust font size:

China's stocks edged up Friday with the benchmark Shanghai Composite Index up 0.22 percent to finish at 2,959.24 points.

The smaller Shenzhen index closed 0.92 percent higher at 10,151.76 points.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, gained 1.27 percent to close at 2,136.92 points.

Combined turnover on the two bourses shrank to 423.3 billion yuan (65.23 billion U.S. dollars) from 542 billion yuan on Thursday, indicating continued wait-and-see market sentiment.

Shares related to home appliances and electric charging stations led the gains, while iron and steel, nonferrous metal and rare earth shares were the biggest losers.

Market sentiment was probably influenced by major futures exchanges' announcement on Friday that they would be raising trading fees for some futures from Monday to restrain overheating, said Sun Xiwei, an analyst with Citic Securities.

Sun suggested long-term investors go for stocks related to supply-side reform. Endi