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1st LD-Writethru: Chinese shares close lower Wednesday

Xinhua, November 9, 2016 Adjust font size:

Chinese stocks closed lower Wednesday, with the benchmark Shanghai Composite Index down 0.62 percent, at 3,128.37 points.

The smaller Shenzhen Component Index closed 0.61 percent lower at 10,697.11 points.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, lost 1.23 percent to close at 2,123.84 points.

Most sectors lost while material and property stocks gained, lifted by a strong rally by gold miners amid a rush to safe-haven assets as Donald Trump edged closer to the White House.

Worldwide, the rising prospect of a Trump presidency jolted markets Wednesday, sending the Dow futures and Asian stock prices downward.

CICC predicted that should Trump win, market volatility would be inevitable as investors would panic over uncertainties on trade, immigration and geopolitical tensions.

Meanwhile, Wednesday's market was also affected by China's key inflation gauge consumer price index (CPI), which grew at its fastest pace in six months in October as food prices rose, while factory prices beat market expectations to accelerate to a 55-month high, fanning concerns of inflation.

The October CPI data ended previous decreases in the past five-consecutive months starting from 2.3 percent in April, when the CPI hit its highest level since July 2014, according to the National Bureau of Statistics (NBS)on Wednesday.

The producer price index (PPI) rose 1.2 percent on-year, the fastest pace since December 2011 after negative growth for the previous 54 months by rising 0.1 percent in September. Endi