Chinese shares close slightly higher Monday

Led by pharmaceutical companies and food producers, Chinese shares closed slightly higher Monday. The benchmark Shanghai Composite Index increased 0.37 percent, or 8.37 points, to end at 2,285.36. The Shenzhen Component Index added 0.14 percent, or 12.40 points, to 9,108.47. Combined turnover on the two bourses contracted to 185.67 billion yuan (29.47 billion U.S. dollars) from 196.7 billion yuan on Friday. The bio-pharmaceutical sector rallied on a government support plan for the industry's development. Beijing Tiantan Biological Products Co., Ltd. expanded by the 10 percent daily limit to 13.41 yuan. Guangzhou-based Da An Gene Co., Ltd. also rose by the daily limit to 8.21 yuan. The China Securities Regulatory Commission on Monday said Xinhuanet.com, the official website of Xinhua News Agency, has undergone a preliminary examination for an Initial Public Offering (IPO) application. People.cn Co. Ltd., the official website of People's Daily, the flagship newspaper of the Communist Party of China, rose 2.61 percent to 38.16 yuan. Food producers also gained, as the upcoming traditional Chinese holidays are expected to give a bump to the food and beverage sector. Inner Mongolia Yili Industrial Group Co., Ltd. added 4.83 percent to 23.43 yuan, while Shuanghui Group closed at 59.55 yuan, up 4.25 percent. Securities brokerages tumbled, as the lackluster Chinese stock market dampened their profits. GF Securities declined 1.83 percent to 15.01 yuan, and Industrial Securities lost 0.65 percent to end at 12.20 yuan.