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1st LD Writethru: Chinese shares retreat on Wednesday

Xinhua, October 26, 2016 Adjust font size:

Chinese shares fell back on Wednesday as market sentiment turned cautious after major markets reached their highest level in more than two months on Tuesday.

The benchmark Shanghai Composite Index fell 0.5 percent to finish at 3,116.31 points, losing steam after making gains for three consecutive trading days.

The smaller Shenzhen Component Index closed 0.5 percent lower at 10,817.51 points. The NASDAQ-style ChiNext Index shed 0.71 percent to close at 2,184.49 points.

Total turnover on China's two mainland exchanges stood at 547.26 billion yuan (about 80 billion U.S. dollars), up slightly from Tuesday.

Analysts believe the retreat was an adjustment after previous strong increases.

Coal and steel sectors led the declines. Shaanxi Coal Industry, a major coal miner, tumbled 4.59 percent to 6.65 yuan. Inner Mongolia Baotou Steel Union dropped 1.05 percent to close at 2.83 yuan.

Bucking the trend, distilled spirit makers and medical equipment companies saw robust growth. Endi