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1st LD Writethru: Chinese shares close mixed Wednesday

Xinhua, August 17, 2016 Adjust font size:

Chinese shares closed mixed Wednesday, after authorities approved the launch of the long-awaited program that will allow stock trading between Shenzhen and Hong Kong and limits on the Shanghai-Hong Kong Stock Connect were lifted.

The benchmark Shanghai Composite Index edged down 0.02 percent to close at 3,109.55 points. The Shenzhen index finished 0.07 percent higher at 10,890.69 points.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, was up 0.32 percent to close at 2,208.2 points.

Overall turnover shrank to 618.55 billion yuan (about 93.72 billion U.S. dollars), down 90 billion yuan from the previous trading day.

Chinese authorities on Tuesday approved the launch of the stock trading link between Hong Kong and Shenzhen, the tech-heavy bourse. However, the market reaction was calm as the approval had been expected, analysts said.

The iron and steel sector performed well. Beijing Shougang Co., a steel producer, saw its share jump by the 10-percent daily limit to 4.95 yuan.

Defense-related shares were also broadly higher. Xi'An Aircraft International Corp. gained 4.7 percent to finish at 23.85 yuan.

Bucking the trend, oil companies were among the worst performers, while non-ferrous metals and financial stocks declined, too.

Inner Mongolia Xingye Mining Co., a non-ferrous metal producer, dived 6.12 percent to close at 10.28 yuan. Endi