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1st LD-Writethru: Chinese shares close higher Tuesday

Xinhua, August 2, 2016 Adjust font size:

Chinese stocks closed higher Tuesday, led by gains related to transportation, quantum communication and real estate.

The benchmark Shanghai Composite Index went up 0.61 percent to close at 2,971.28 points. The Shenzhen index closed 0.64 percent higher at 10,250.55 points.

Combined turnover on the Shanghai and Shenzhen bourses dropped significantly to 322.6 billion yuan (about 48.58 billion U.S. dollars), from 417.5 billion yuan the previous trading day.

Ending a four-day drop, the ChiNext Index, China's NASDAQ-style board of growth enterprises, was up 0.67 percent to close at 2,113.21 points.

Three major transportation stocks, Shanghai Shentong Metro, Qiangsheng Holding and Hainan Haiqi Transportation Group, all rose by the daily limit of 10 percent.

Quantum communication companies also performed well. Jiangsu Zhongtian Technology saw a 7-percent gain Tuesday.

Real estate shares also gained notably in the day, thanks to reports saying home prices in 100 major cities continued their month-on-month gains for 15 months and year-on-year gain for 12 months in a row.

Bank of Jiangsu presented its initial public offering, the first listing of a regional commercial bank on the Chinese mainland since the global financial crisis. The stock, opening at 6.27 yuan, finished at 9.03 yuan. Endi