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1st LD-Writethru: China stocks close lower on Friday

Xinhua, October 28, 2016 Adjust font size:

Chinese stocks closed lower on Friday, with the benchmark Shanghai Composite Index down 0.26 percent, at 3,104.27 points.

The smaller Shenzhen Component Index closed 0.72 percent lower at 10,711.04 points.

The ChiNext Index, China's NASDAQ-style board, shed 0.78 percent to close at 2,165.43 points.

Data on Thursday showed China's industrial profits rose 7.7 percent year on year to 577.13 billion yuan (85.05 billion U.S. dollars) in September.

The growth rate was slower than the 19.5 percent increase registered in August, which the National Bureau of Statistics attributed to retreating profit growth in the electronics, steel and power sectors as well as the weakening effect of a low base.

On Friday, Xinhuanet debuted on the Shanghai Stock Exchange with its shares surging to a trade suspension immediately after opening.

Xinhuanet.com, the website of China's official news wire Xinhua News Agency, rose 43.99 percent to 39.87 yuan per share, boosted by huge orders on the Shanghai Stock Exchange.

Xinhuanet is the second state media outlet to go public. People.cn, the website of the People's Daily, listed in early 2012. Endi