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China stocks closed down in thin trading on Tuesday as cautious investors waited on more details on Beijing's 13th-five year plan, a blue-print of policy priorities of the Chinese Communist Party Central Committee. The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.3 percent, to 3,465.49, while the Shanghai Composite Index lost 0.3 percent, to 3,316.70 points. Total trading volume hit a one-month low.
Among the most active stocks in Shanghai were Meiyan Jixiang, down 1.7 percent to 7.58 yuan; Agricultural Bank Of China, down 1.0 percent to 3.08 yuan and Jiangnan Fiber, down 9.2 percent to 7.35 yuan. In Shenzhen, Suning Appliance, down 2.5 percent to 16.05 yuan; Tongling Nonferrous Metals Group, up 0.8 percent to 3.68 yuan and BOE Technology Group, unchanged at 2.89 yuan were among the most actively traded.
Total volume of A shares traded in Shanghai was 19.2 billion shares, while Shenzhen volume was 22.4 billion shares. The relative stability in trading belied underlying concerns over a cooling economy and a continuing crackdown on risky trading. Trading volumes were light, probably reflecting investor cautiousness.
Stocks were hit hard on Monday on news China has arrested two executives from a Hong Kong-owned fund for irregular futures trades and was investigating the general manager of Shanghai-based company Zexi Investment for suspected insider trading. The summer rout in stocks has prompted regulators to restrict automated trading in commodities futures and tighten other rules which have winded the futures market. Zhang Gang, an analyst at Central China Securities in Shanghai, said the market is unlikely to suffer a major downturn soon after the crackdown news, but expects downside pressure to mount as the US federal Reserve moves to raise interest rates, possibly by year-end.

Copyright Reuters, 2015

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