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1st Ld-Writethru: China stocks close mixed Wednesday

Xinhua, May 11, 2016 Adjust font size:

Chinese stocks closed mixed Wednesday as market sentiment remained cautious following heavy losses in previous trading days.

The benchmark Shanghai Composite Index at one point rebounded by 0.87 percent in the afternoon session, but quickly gave up the gains and ended the day at 2,837.04 points, up 0.16 percent.

The smaller Shenzhen index closed 0.12 percent lower at 9,781.15 points. Total turnover on the two bourses picked up to 393 billion yuan (60.5 billion U.S. dollars).

Market sentiment remained fragile after the nearly 3-percent tumble Monday as a prominent newspaper quoted an unnamed "authoritative figure" dismissing the idea of a quick return to rapid economic growth in China.

Shares of beer producers and airlines performed well Wednesday. Hainan Airlines surged 8.44 percent to end the day at 3.47 yuan per share, while Air China gained 5.75 percent to close at 7.72 yuan.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, lost 0.94 percent to close at 2,034.93 points. Endi