Chinese shares extend gains

China's shares continued to rise Tuesday after hitting their highest level in five-and-a-half years on the first trading day of 2015.

The benchmark Shanghai Composite Index ended at 3,351.45 points, up 0.03 percent.

The Shenzhen Component Index closed at 11,667.97 points, up 1.28 percent.

Total turnover on the two bourses shrank to 839.3 billion yuan (137.14 billion U.S. dollars) from 847.64 billion yuan seen on the previous trading day.

Software, media and infrastructure led gains Tuesday, helped by the news that China's securities regulator allowed 20 companies' applications for initial public offerings (IPOs) Monday.

Linewell Software surged by the daily limit of 10 percent to end at 28.66 yuan apiece and Avic Aircraft jumped 9.98 percent to end at 21.26 yuan.

Meanwhile, Inner Mongolia Baotou Steel Rare-earth Hi-tech lost 2.77 percent to end at 27.68 yuan, and China Minmetals Rare Earth tumbled 3.30 percent to end at 31.10 yuan, as the Commerce Ministry announced that China had ended the export quota system for rare earth minerals, which had been in place since 1998.

The ChiNext Index, China's Nasdaq-style tracking board of growth enterprises, closed 5.1 percent higher at 1,539.83 points Tuesday.