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1st LD-Writethru: Chinese shares close lower Friday

Xinhua, July 8, 2016 Adjust font size:

Chinese stocks closed lower on Friday, with the benchmark Shanghai Composite Index down 0.95 percent at 2,988.09 points.

The smaller Shenzhen index closed 0.08 percent lower at 10,611.8 points.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, gained 0.23 percent to close at 2,239 points.

Turnover on the two bourses stood at 590.2 billion yuan (88.26 billion U.S.dollars), down from 733.5 billion yuan the previous trading day.

Cybersecurity shares led the rally. SZZT Electronics Co., Ltd, a high tech company, soared by 10-percent daily limit to finish at 21.1 yuan.

The gold and coal mining sectors lost steam, diving 2.22 percent and 1.37 percent, respectively.

Nomura forecast the unexpected rise in China's forex reserves last month to have a positive impact on the stock market next week, as policy makers are expected to release more easing measures.

China's foreign exchange reserves increased 13.43 billion U.S. dollars in June from the previous month to 3.21 trillion U.S. dollars, central bank data showed on Thursday. Enditem