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1st LD-Writethru: Resource shares drag stock market down

Xinhua, May 4, 2016 Adjust font size:

Chinese stocks closed lower on Wednesday, led by resource firms.

The benchmark Shanghai Composite Index dipped 0.05 percent, to close at 2,991.27 points. The smaller Shenzhen index closed 0.18 percent lower at 10,422.80 points.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, lost 0.28 percent to close at 2,211.02 points.

Turnover fell to 535.4 billion yuan (82.5 billion U.S. dollars), down from 537.5 billion yuan the previous trading day.

Most sectors fell, with resource shares among the biggest decliners. Yangquan Coal Industry Co. slid 3.6 percent to close at 7.24 yuan, as overcapacity in the coal sector dampened sales.

PetroChina, the country's top oil producer, ended at 7.46 yuan, down 0.67 percent.

Shandong Iron and Steel Co. declined 1.09 percent to close at 2.71 yuan.

Bucking the trend, aviation shares rose across the board as the market remained upbeat. Air China, the country's flagship carrier, jumped 6.51 percent to 7.36 yuan. Endi