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1st LD-Writethru: Chinese stocks hit by Brexit

Xinhua, June 24, 2016 Adjust font size:

The transportation and agriculture sectors led Chinese shares to close lower on Friday, despite a rally from non-ferrous metals buoyed by gold price increases following Britain's vote to leave the European Union (EU).

The benchmark Shanghai Composite Index ended the day down 1.30 percent, at 2,854.29 points. The smaller Shenzhen index closed 1.05 percent lower at 10,147.71 points.

Combined turnover on the two bourses rose to 646.88 billion yuan (98.35 billion U.S. dollars) from the previous trading day's 523.6 billion yuan.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, lost 0.47 percent to close at 2,127.36 points.

The Shanghai index dipped nearly 3 percent in the afternoon session as investors feared that market risks may increase on Britain's EU exit.

Shipping, coal mining and breeding industries were among the big losers, with shares dipping more than 2 percent on Friday.

Led by the strong performance of sectors including gold, lithium batteries, integrated circuits and the Internet of Things, the Shanghai index at one point swung into positive territory shortly after the opening of the morning session, but it gradually lost ground thereafter.

JZ Securities analyst Deng Haiqing said Britain's EU exit, or "Brexit," would provide a long-term boost for the Chinese stock market, blaming Friday's drop on "a misinterpretation" by investors. Endi