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1st LD-Writethru: Chinese shares close lower Wednesday

Xinhua, June 8, 2016 Adjust font size:

Chinese stocks closed lower on Wednesday after China reported weak but improved trade in May.

The benchmark Shanghai Composite Index slipped 0.30 percent to close at 2,927.16 points.

The smaller Shenzhen index closed 0.30 percent lower at 10,316.82 points.

Combined turnover on the two bourses rose to 545.93 billion yuan (83.23 billion U.S. dollars) from 509.04 billion yuan the previous trading day.

Stocks related to rare-earth magnets and pork led the losses, while lithium batteries and satellite navigation shares were among the biggest gainers.

Shares of BDStar Navigation, Guangzhou Tinci Materials Technology Co. Ltd., Zhiyun Automation, and Do-Fluoride Chemicals Co. Ltd. surged by the daily limit of 10 percent.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, lost 0.46 percent to close at 2,186.54 points.

The Shanghai index once gained ground and entered positive territory in the afternoon session following customs data on China's imports beating forecasts in May even though exports fell more than expected.

In yuan-denominated terms, China's imports grew 5.1 percent in May, significantly rebounding from a 5.7-percent decline in April. Meanwhile, export growth slowed to 1.2 percent year on year from 4.1 percent in April. Endi