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1st Ld-Writethru: Chinese shares close lower, trading thin

Xinhua, March 10, 2016 Adjust font size:

Chinese shares headed downward on Thursday as momentum lost steam following an earlier rally.

The benchmark Shanghai Composite Index dived 2.02 percent to close at 2,804.73 points, and the smaller Shenzhen index closed 1.39 percent lower at 9,390.35 points.

Trading was thin during the session, with total turnover on the two bourses shrinking sharply to 355 billion yuan (54.6 billion U.S. dollars).

The Shanghai index fluctuated in negative territory most of the day. By market close, weak securities shares plunged the index deeper into the red.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, went down 1.72 percent to close at 1,936.97 points.

Data on Thursday showed China's consumer price inflation index (CPI) rose 2.3 percent, the highest since July 2014, while prices at the factory gates dropped 4.9 percent, narrowing from a 5.3-percent drop in January and 5.9 percent in December.

But analysts said the rise in inflation was mostly caused by temporary factors, and deflationary risks saw no significant easing.

Securities and property-related shares led the losses on Thursday. Citic Securities gave up 2.94 percent to end the day at 15.53 yuan per share, and major developer Poly Real Estate Group closed at 9.46 yuan, down 4.25 percent from a day earlier.

Shares related to artificial intelligence performed well as Google's computer program AlphaGo beat the human Go champion Lee Sedol during the first game of a historic match. Endi