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1st Ld-Writethru: Chinese shares close lower Tuesday

Xinhua, June 9, 2015 Adjust font size:

Chinese shares closed lower on Tuesday, with the benchmark Shanghai Composite Index down 0.36 percent to finish at 5,113.53 points.

The Shenzhen Component Index lost 0.31 percent to close at 17,399 points.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 0.03 percent to end at 3,705.54 points.

Total turnover on the two bourses shrank to 1.99 trillion yuan (324.48 billion U.S. dollars) from Monday's 2.32 trillion.

Shares related to medical care, securities and insurance were among the biggest losers.

Orient Securities Company dived 4.59 percent to end at 39.09 yuan per share. New China Life Insurance Company lost 3.65 percent to end at 67.50 yuan.

Bucking the trend, coal, nuclear power, ship building, Internet, media and entertainment, air transportation and computer equipment stocks all experienced a stellar performance.

Nine shares across the nuclear power sector surged by the daily limit of 10 percent. China Coal Energy Company surged 9.98 percent to end at 11.24 yuan per share. China Shenhua Energy Company climbed by 10 percent to end at 26.29 yuan.

The major Shanghai index opened high in the morning, and then dropped by more than 1 percent soon after the opening bell. The index climbed up again during the day and fluctuated around the 5,100 mark.

Large shifts in the A-share market were mainly caused by weak economic readings in May, which added deflationary pressure to China's economy and influenced market expectations, said Guangzhou-based Wanlong Stock Consulting company.

China's consumer price index (CPI), a main gauge of inflation, grew 1.2 percent year on year in May, narrowed from 1.5 percent posted in April, the National Bureau of Statistics (NBS) said on Tuesday.

The producer price index (PPI), a measure of wholesale inflation, slid 4.6 percent year on year, the 39th straight month of declines.

Monetary policy must remain on a loosening course until deflationary pressure eases, according to a report by China International Capital Corporation (CICC). Endi