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1st LD-Writethru: Chinese shares close lower Thursday

Xinhua, April 28, 2016 Adjust font size:

Chinese stocks closed lower on Thursday, with the benchmark Shanghai Composite Index down 0.27 percent, at 2,945.59 points.

The smaller Shenzhen index closed 0.24 percent lower at 10,149.91 points. The ChiNext Index, China's NASDAQ-style board of growth enterprises, gained 0.40 percent to close at 2,155.23 points.

Combined turnover on the two bourses expanded to 431.41 billion yuan (70.49 billion U.S. dollars) from 427.88 billion yuan on Wednesday.

Stocks related to aerospace technology led the loss. China Aerospace Times Electronics Co. Ltd. lost 5.29 percent to end the day at 14.49 yuan. Aerospace Communications Holdings Group Co. Ltd. also shed 1.73 percent to end at 18.19 yuan.

Bucking the losing trend, shares related to transportation, logistics, and coal mining and processing were among the biggest winners. Guangshen Railway Company Limited surged 4.74 percent to end at 4.2 yuan per share. Shaanxi Coal Industry Company Limited also rose 7.86 percent to end at 4.94 yuan.

Datong Securities analyst Hu Xiaohui said that market weakness in the recent two weeks was mainly caused by investors' concerns over default risks.

Chinese banks had 1.27 trillion yuan (196 billion U.S. dollars) of bad loans by the end of 2015, up 51.2 percent year on year, according to data from the banking regulator.

The increase in bad loans came as China moved to reduce the capacity of oversupplied industries and close "zombie companies," to restructure and upgrade a slowing economy. Endi