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1st LD-Writethru: Chinese shares end 6-day winning streak

Xinhua, March 9, 2016 Adjust font size:

Chinese shares plunged on Wednesday, ending a six-day winning streak, with the benchmark Shanghai Composite Index down more than 3 percent at one point.

The benchmark Shanghai Composite Index dived 1.34 percent to close at 2,862.56 points, and the smaller Shenzhen index closed 2.15 percent lower at 9,523.14 points.

Total turnover on the two bourses shrank to 426.58 billion yuan (65.52 billion U.S. dollars), compared with Tuesday's 532.7 billion yuan.

Losers outnumbered gainers by 891 to 99 in Shanghai and 1,307 to 226 in Shenzhen.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, dropped 1.57 percent to close at 1,970.81 points.

The Shanghai index opened 2.14 percent lower, setting the tone for Wednesday's trading, although the markets managed to recoup losses and entered positive territory before diving over 3 percent near the end of the morning session.

The mining, coal and non-ferrous metal sectors led the losses, with Shengda Mining Co., Ltd. down by the daily limit of 10 percent.

"Investors are seizing the time to rush out of stocks at the beginning of the trading day as they anticipate a major correction following the overnight tumble in global commodity prices," FX678.com quoted Huaxi Securities analyst Cao Xuefeng as saying.

The real estate sector, which remained in the limelight for its remarkable gains during the recent boom, also retreated on Wednesday. Major developer Poly Real Estate Group closed at 9.88 yuan, down 1.79 percent from a day earlier.

Casting a shadow on the markets, ugly China trade data also prompted profit-taking after a recent rally. Customs data on Tuesday showed China's exports slumped more than expected in February, as weak global demand and seasonal factors added to pressure on the slowing economy.

Exports in dollar-denominated terms were more than 25 percent lower than in February 2015, worsening from the 11.2-percent decline in January

Imports dropped 13.8 percent, a milder decrease than 18.8 percent in January.

The transport, healthcare and banking sectors were among the few gainers on Wednesday. Endi