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Wednesday, October 21, 2015, 17:07

Chinese shares fall following week of gains

By Xinhua

BEIJING - China's stocks made a major correction on Wednesday after more than a week of rises.

All major stock indices were down in the afternoon session, with the benchmark Shanghai Composite Index tumbling 3.06 percent for the whole day to close at 3,320.68 points.

The Shenzhen index fell 5.87 percent to close at 10,915.99 points. The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, plummeted 6.63 percent to end at 2,344.74 points.

More than 800 stocks fell by the 10-percent daily limit on Wednesday, while around 20 rose to the 10-percent restriction.

Total turnover on the Shanghai and Shenzhen bourses stood at 1.17 trillion yuan (about 185 billion U.S. dollars), the first time in two months the amount has exceeded 1 trillion yuan, indicating investors were taking profits made over the last few days.

The Shanghai Composite Index had increased 7.6 percent in the seven trading days before Wednesday's fall.

Li Shaojun, chief analyst with Minsheng Securities, said the market needed to correct itself following the gains.

"I believe a mid-term rebound in the stock market will not change in anticipation of further pro-growth measures and liquidity injections," said Li.

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