Chinese shares close higher as holiday approaches

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Chinese shares closed higher on Monday ahead of the National Day holiday.

The benchmark Shanghai Composite Index gained 0.68 percent, or 14.64 points, to finish at 2,174.67. The Shenzhen Component Index increased 0.50 percent, or 42.28 points, to close at 8,514.57.

Combined turnover on the two bourses shrank to 180.5 billion yuan (29.36 billion U.S. dollars) from 195.54 billion yuan the previous trading day.

With many blockbuster movies, including Jobs and The Lone Ranger, being shown at cinemas during the seven-day holiday, the media and culture sector led the increases, up over 5 percent with six shares rising 10 percent, the daily limit.

The launch of the Shanghai free trade zone (FTZ) continued pushing up related stocks. Shanghai Oriental Pearl Co., Ltd. surged 10 percent and Shanghai Zhangjiang Hi-tech Park Development Co., Ltd. increased 6.24 percent.

The software sector also performed strongly with five shares hitting the daily cap.

Bucking the trend, brokers saw losses as two top managers of Hong Yuan Securities were being investigated relating to a private matter. Hong Yuan Securities dived 10 percent to 8.3 yuan per share.

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