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1st LD-Writethru: Chinese stocks rise slightly on Monday

Xinhua, June 20, 2016 Adjust font size:

Chinese stocks closed slightly higher on Monday with a rally from electronics firms while metals and coal shares headed south.

The benchmark Shanghai Composite Index ended the day up 0.13 percent, at 2,888.81 points. The smaller Shenzhen index closed 0.39 percent higher at 10,221.85 points.

Combined turnover on the two bourses shrank to 500 billion yuan (76 billion U.S. dollars) from the previous trading day's 570.5 billion yuan.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, lost 0.15 percent to close at 2,119.63 points.

Electronic components and parts producers led the gains, with their shares rising 2 percent on Monday. The stock price of Jilin Sino-Microelectronics Co. Ltd. surged by the daily limit of 10 percent to 11.51 yuan.

Steel, non-ferrous metals and coal sectors fell the most, down 1 percent, 0.85 percent and 0.82 percent, respectively.

Shell companies also took a hit, affected by an announcement by regulators over the weekend that they would tighten regulations on backdoor listings, or reverse mergers, which often use such companies as vehicles and cause speculation.

Nearly 20 shell companies saw their shares drop by the daily limit of 10 percent on Monday. Endi