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1st LD-Writethru: Chinese shares fall on weak financers, peripheral falls

Xinhua, December 4, 2015 Adjust font size:

China's equities closed lower on Friday as losses of financial heavyweights dragged down the index, and investors took cue from losses in peripheral markets and in Wall Street overnight.

Chinese investors were cautious in the day with weak sentiment, following a global equity rout triggered by the European Central Bank's (ECB) announcement of new stimulus measures that were deemed too tepid by world markets.

The benchmark Shanghai Composite Index went down 1.67 percent to close at 3,524.99 points. The smaller Shenzhen index lost 0.95 percent to close at 12,329.18 points.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, dropped 0.59 percent to close at 2,692.16 points.

Total turnover on the Shanghai and Shenzhen bourse stood at 822.9 billion yuan (128.9 billion U.S. dollars), up from 795.5 billion yuan the previous trading day.

Losers outnumbered gainers by 633 to 315 in Shanghai and by 875 to 625 in Shenzhen.

The Hushen 300 index, tracking heavyweight stocks in Shanghai and Shenzhen, tumbled 1.91 percent, or 71.71 points, to close at 3,677.59 points.

The financial sub-index, which covers 50 major banks, insurers and securities firms, suffered the biggest loss by plunging nearly 3 percent.

Shares of the ICBC, one of China's big-four banks, lost 3.5 percent to 4.69 yuan. Bank of China fell 3.9 percent to 4.17 yuan. China Construction Bank (CCB) dipped more than 4 percent to 5.91 yuan per share.

New China Life Insurance, one of the country's major insurers, lost 4.2 percent to close at 49.66 yuan per share.

Bucking the trend, nearly 60 stocks on the two exchanges surged by the daily limit of 10 percent, mainly shares related to agriculture and cyber security.

Zhanjiang Guolian Aquatic Products Co.,Ltd and Beijing Miteno Communication Technology Co., Ltd. soared 10 percent to end at 30.8 yuan and 48.16 yuan per share respectively. Endi