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1st LD-Writethru: Heavyweights lead Chinese stocks wobble Wednesday

Xinhua, January 20, 2016 Adjust font size:

Chinese stocks slumped Wednesday, dragged down by heavyweights, removing some of Tuesday's gains.

The benchmark Shanghai Composite Index lost 1.03 percent to close at 2,976.69 points. The smaller Shenzhen index dropped 1.28 percent to close the day at 10,366.85 points.

The ChiNext Index, the NASDAQ-style board of growth enterprises, dived 1.65 percent to close at 2,204.65 points.

The good performance of the ChiNext during the previous two days was somewhat offset by its losses Wednesday, making it the worst performer among all indexes.

Total turnover on the two bourses stood at 596.02 billion yuan (90.89 billion U.S. dollars).

Losers outnumbered gainers by 696 to 285 in Shanghai and 1,023 to 517 in Shenzhen.

The real estate sector ended its previous winning streak to lose on Wednesday. Poly Real Estate Group, a large state-owned enterprise, declined by 4.38 percent to close at 8.95 yuan.

Financial heavyweights also saw remarkable declines. CITIC Security Co. dropped by 1.86 percent to finish at 15.82 yuan.

The benchmark Shanghai Composite Index ebbed below the 3,000-point mark, again, shaking off Tuesday's buoyant sentiment as both Shanghai and Shenzhen surged beyond 3 percent at closing.

Chinese shares opened lower on Wednesday, as sentiment remains fragile due to deteriorating oil prices.

The Chinese capital market tumbled despite an announcement by the central bank on Tuesday that it would inject more liquidity into the banking system.

According to the People's Bank of China, at least 600 billion yuan (91.46 billion U.S. dollars) will be channeled into the banking sector ahead of the Spring Festival holiday. Endi