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1st LD-Writethru: Chinese shares close mixed Wednesday

Xinhua, May 13, 2015 Adjust font size:

Chinese shares closed mixed on Wednesday, with the benchmark Shanghai Composite Index down by 0.58 percent to finish at 4,375.76 points.

The Shenzhen Component Index gained 0.71 percent to close at 15,173.09 points.

Combined turnover on the two bourses stayed flat at around 1.55 trillion yuan (250 billion U.S. dollars), similar to the previous trading day.

Stocks related to media, entertainment, e-business and online games led the gains. Beijing Baofeng Technology Co., surged by the daily limit of 10 percent to end at 252.86 yuan per share. Shanghai-listed Chinese Universe Publishing and Media Co. also surged by the daily limit to end at 23.49 yuan.

The finance, electricity, environmental protection, software and coal sectors were among the biggest losers. Citic Securities lost 2.99 percent to end at 33.37 yuan per share. Shanghai Electric Power shed 3.67 percent to end at 27.03 yuan.

Analysts said that market sentiment about the banking sector will be encouraged by the 1-trillion-yuan (164 billion U.S. dollars) local government debt swap program jointly announced by Chinese financial authorities on Wednesday.

Under the program, which is to be completed by the end of August, local government bonds will be included as a form of collateral for the central bank's liquidity tools such as the standing lending facility (SLF), mid-term lending facility (MLF) and pledged supplementary lending (PSL).

The program will reduce banks' bad debt risks, Chinese securities dealer Shenyin & Wanguo Securities said.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, shed 1.79 percent to end at 3,192.15 points. Endi