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1st Ld-Writethru: Chinese shares rise for second day

Xinhua, February 21, 2017 Adjust font size:

Chinese stocks rose for a second day on Tuesday, with the benchmark Shanghai Composite Index up 0.41 percent at 3,253.33 points.

The smaller Shenzhen index closed 0.74 percent higher at 10,405.75points.

Combined turnover shrank slightly on the two bourses to about 480.1 billion yuan (about 69.76 billion U.S. dollars) on Tuesday from 498.8 billion yuan the previous trading day.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, gained 1.38 percent to close at 1,921.08 points.

The market was boosted by news that seven Chinese provincial-level regions, including Beijing and Shanghai, have entrusted their pension funds to the National Council for Social Security Funds (NCSSF) for management.

A total of 360 billion yuan is being transferred from various bank accounts operated by local authorities to the NCSSF to be managed centrally, the Economic Information Daily reported on Tuesday.

Although the portion of funds in stocks is limited to 30 percent, analysts expect pension funds to bring long-term benefits to China's A-share market, optimizing the structure of investors and curbing market volatility.

Telecommunication services, non-ferrous metal and retailing stocks led Tuesday's gains by rising 3.85 percent, 2.93 percent and 1.75 percent respectively.

Leading telecom company China Unicom rose 0.77 percent to 6.59 yuan, while Zhejiang Huayou Cobalt jumped by the daily limit of 10 percent to 49.78 yuan.

Liquor makers and maritime transportation stocks fell. Wuliangye Yibin, one of China's most famous liquor makers, was down 1.3 percent to 40.86 yuan. Endi