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1st LD-Writethru: Shares dampened by white spirit makers Tuesday

Xinhua, July 19, 2016 Adjust font size:

Chinese stocks closed mixed Tuesday, with the benchmark Shanghai Composite Index going down 0.23 percent at 3,036.6 points, weighed largely by white spirit makers.

The Shenzhen index closed 0.15 percent higher at 10,778.25 points.

Combined turnover on the Shanghai and Shenzhen bourses stood at 516.7 billion yuan (77.15 billion U.S. dollars), down from 557.7 billion yuan the previous trading day.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, gained 1.06 percent to close at 2,273.72 points.

White spirit producers alongside the food and hotel industries led the declines, while sport and the Internet lottery sectors gained momentum on new government plans.

China's leading spirit makers Wuliangye, Fenjiu Group and Swellfun all dipped by around 4 percent on Tuesday.

In contrast, sport-related shares were among the biggest gainers, with outdoor specialist Sanfo and Wuxi Double Elephant Micro Fibre Material Co. Ltd. increasing by the daily limit of 10 percent.

Analysts consider Tuesday's drop a redress following last week's rebound.

Slowing housing price growth in the first half of the year and the yuan's five-year low against the U.S. dollar also weighed on investors.

Of 70 large- and medium-sized cities surveyed in June, 55 saw new home prices climb month on month, down from 60 the previous month. Meanwhile, 10 cities reported month-on-month price declines, up from four in May, the National Bureau of Statistics said Monday.

The central parity rate of the yuan weakened 10 basis points to 6.6971 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trading System. Endi