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1st LD-Writethru: Chinese stocks dip as investors digest regulator remarks

Xinhua, February 27, 2017 Adjust font size:

Chinese stocks closed lower Monday, as investors were digesting messages delivered by the top market regulator over the weekend.

The benchmark Shanghai Composite Index edged down 0.76 percent at 3,228.66 points. The smaller Shenzhen index closed 0.86 percent lower at 10,353.55 points.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, lost 0.6 percent to close at 1,926.77 points.

Some "barbarians" and "crocs" hurt retail investors by plundering the stock market, Liu Shiyu, chairman of China Securities Regulatory Commission (CSRC), said at a press conference on Sunday.

China will tighten supervision of the stock market to prevent systematic financial risks, Li Chao, deputy head of the CSRC, said at the press conference.

Combined turnover shrank to about 467.3 billion yuan (about 67.9 billion U.S. dollars) on Monday from 476 billion yuan the previous trading day.

Liquor and airlines led the losses on Monday. Kweichow Moutai edged down 1.49 percent to 357.20 yuan. China Southern Airlines lost 2.9 percent to 7.69 yuan.

Steel, environmental protection and chemical shares bucked the trend on Monday. Baoshan Iron and Steel surged 7.5 percent to 7.31 yuan following its parent company's merger with Wuhan Iron and Steel.

Luxi Chemical Group jumped by the daily limit of 10 percent to 6.49 yuan. Beijing SPC Environmental Protection Tech added 5.67 percent to 20.3 yuan. Endi