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1st LD-Writethru: Chinese shares close lower on Thursday

Xinhua, June 18, 2015 Adjust font size:

Chinese shares closed lower on Thursday, with the benchmark Shanghai Composite Index plunging 3.67 percent to finish at 4,785.36 points.

The Shenzhen Component Index slumped 3.85 percent to close at 16,734.84 points.

Combined turnover for the two bourses shrank to 1.5 trillion yuan (238.74 billion U.S. dollars) from Wednesday's 1.6 trillion yuan.

Stocks of securities and banking were the biggest losers. Bank of Communications lost 9.68 percent to close at 8.12 yuan. Western Securities dived 9.21 percent to close at 29.36 yuan.

Analysts said stock market fluctuation since Monday was partly because new listings of stocks drew money away from the market.

On Thursday, Chinese securities trader Guotai Junan Securities Co., Ltd. became the largest domestic IPO in nearly five years after launching on the Shanghai Stock Exchange.

The company will sell up to 30.1 billion yuan (4.92 billion U.S. dollars) at 19.71 yuan per share, according to its IPO prospectus filed with the Shanghai Stock Exchange on Tuesday.

It will be the largest flotation in the domestic market since China Everbright Bank raised 3.2 billion U.S. dollars in August 2010.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, dived 6.33 percent to end at 3,504.55 points. Endi