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1st LD-Writethru: Chinese shares close lower Friday

Xinhua, July 29, 2016 Adjust font size:

Chinese stocks closed lower on Friday, with the benchmark Shanghai Composite Index down 0.5 percent, closing at 2,979.34 points.

The smaller Shenzhen index closed 0.64 percent lower at 10,329.44 points.

The ChiNext Index, tracking China's NASDAQ-style enterprises, was down 0.81 percent, closing at 2,122.41 points.

Combined turnover on the Shanghai and Shenzhen bourses stood at 431.6 billion yuan (66.4 billion U.S. dollars), down from 557.2 billion yuan the previous trading day.

Nearly 1,800 stocks on the two bourses traded at a loss with the national defense and communications sectors among the biggest losers.

China's cabinet said Thursday that inspectors had been dispatched to seven provinces and municipalities that reported significant slowed private investment.

China saw fixed-asset investment by the private sector increase 2.8 percent in the first half of the year, down from 3.9 percent in the first five months and 5.7 percent in the first quarter.

A State Council executive meeting last month revealed that official investigations in May showed some local governments failing to fully implement pro-private investment measures. Endi