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1st LD-Writethru: Chinese stocks fluctuate before closing lower

Xinhua, April 9, 2015 Adjust font size:

Chinese stocks fluctuated sharply on Thursday after Wednesday saw the Shanghai Composite Index hit the key benchmark of 4,000 points for the first time since early 2008.

The Shanghai index dropped up to 2.38 percent before narrowing to a drop of 0.93 percent, while the Shenzhen Component Index dropped as much as 4.6 percent before closing 0.57 percent lower than it did on Wednesday.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, slumped as much as 5.88 percent in the morning before ending up 0.34 percent at 2,496.49 points.

The Shanghai index closed at 3,957.53 points and the Shenzhen index at 13,796.73 points.

Combined turnover on the two bourses shrank to 1.50 trillion yuan (245.89 billion U.S. dollars) from the record 1.55 trillion yuan the previous trading day.

The market needs some downward adjustment after it has soared quickly, said Gao Xiang, an analyst with CITIC securities, though he believes the fluctuations will not dampen the upward trend of the stock market due to ample liquidity. Endi