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1st LD-Writethru: Chinese shares close lower Wednesday

Xinhua, May 18, 2016 Adjust font size:

Chinese stocks closed lower on Wednesday, with the benchmark Shanghai Composite Index down 1.27 percent, at 2,807.51 points.

The smaller Shenzhen index closed 2.16 percent lower at 9,694.78 points. The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, lost 2.93 percent to close at 2,020.48 points.

Turnover dropped to 416.7 billion yuan (about 63.8 billion U.S. dollars) from 430.9 billion yuan the previous trading day.

Ship manufacturers dropped the most, by 4.74 percent. Shanghai Bestway Marine Engineering Design Co., Ltd slumped 7.93 percent to end at 19.98 yuan per share.

Only the financial sector rose, by just 0.04 percent. Shanxi Securities climbed 4.2 percent to 13.39 yuan per share. Endi