Chinese shares close mixed as expectations vary

Chinese shares closed mixed on Tuesday as investors' expectations about the market were divided after the benchmark index touched a three-week low on Monday. The benchmark Shanghai Composite Index recovered 2.94 points, or 0.15 percent, to close at 2,008.12. The Shenzhen Component Index barely changed at 7,151.18. Combined turnover expanded to 119.53 billion yuan (about 19.4 billion U.S. dollars) from 113.54 billion yuan on the previous trading day. The China Securities Regulatory Commission said late on Monday that around 100 companies would be allowed to go public this year, temporarily easing investors' concerns over an upcoming wave of massive listings. At least 336 companies have disclosed their pre-listing information, waiting for regulatory permission for their early initial public offering plans. Massive IPOs are feared to drain money from the market as many Chinese investors tend to sell or cut their holdings of listed firms to raise money to subscribe for new offers in hope of higher returns from newly-offered shares. The computer sector gained 2.43 percent as China has announced that it will ban the use of Microsoft's Windows 8 operating system in new government computers, a move to ensure computer security after the shutdown of Windows XP. The banking sector still lacked momentum as concerns over China's economic growth continued to weigh on the country's lenders. The Industrial and Commercial Bank of China, the nation's largest commercial bank, added 0.29 percent to 3.47 yuan.