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1st LD-Writethru: Chinese shares drop, Xiongan-themed stocks in mixed performance

Xinhua, April 17, 2017 Adjust font size:

Chinese shares fell Monday, with Xiongan-related stocks having a mixed performance after resuming trading.

The benchmark Shanghai Composite Index closed 0.74 percent lower at 3,222.17 points, and the smaller Shenzhen Component Index closed 0.66 percent lower at 10,450.86 points.

The ChiNext Index, China's NASDAQ-style board, lost 1.02 percent to close at 1,868.28 points.

A number of shares related to the Xiongan New Area, a new economic zone to be built near Beijing, including construction firms and companies in the vicinity of the area, suspended trading last week, after days of consecutive gains pushed their stock prices significantly higher.

On April 1, China announced plans to create Xiongan New Area, which authorities described as a "major historic and strategic choice" that would be "crucial for the millennium to come," with related stocks rising after the announcement. After resuming trading, over 10 stocks plummeted by the daily limit of 10 percent during Monday morning trading, signaling receding fever after regulators moved to clamp down on speculation.

Juli Sling was among the stocks that saw prices fall by the daily limit on the first day of resuming trading, after surging by the 10 percent limit for six consecutive trading days before trading was suspended.

Meanwhile, several other related stocks, including Tangshan Jidong Equipment And Engineering and Hebei Sailhero Environmental Protection High-tech, maintained strong momentum by rising the maximum limit.

Losses narrowed near closing, as the market was dragged up by surging financial heavyweights during afternoon trading. Endi