Chinese stocks close mixed on profit-taking

Chinese stocks closed with mixed fortunes on Wednesday, as investors took profits following a recent sharp rally sparked by signs of stabilized growth in the world's second-largest economy. The benchmark Shanghai Composite Index lost 0.03 percent, or 0.73 points, to end at 2,275.34. The Shenzhen Component Index gained 0.49 percent, or 44.42 points, to close at 9,154.87. Combined turnover on the two bourses declined slightly to 211.2 billion yuan (33.62 billion U.S. dollars) from 213.8 billion yuan the previous trading day. Losers outnumbered gainers by 505 to 422 in Shanghai and by 809 to 636 in Shenzhen. The key Shanghai index has increased 18 percent since December, with financial and real estate shares gaining the most, triggering demand for profit-taking, analysts said. Building materials and pharmaceutical companies led the declines. Xinjiang West Construction Co. retreated 2.33 percent to close at 13.82 yuan per share, while Beijing Tiantan Biological Products Co. slid 6.31 percent to 13.82 yuan. Bucking the trend, wine makers continued their rally on Wednesday after massive losses during a recent scandal over products found to contain excessive levels of plasticizer. Shares in Jiugui Liquor, which was first implicated in the scandal in November, rose 1.69 percent to 35.41 yuan. Kweichow Moutai, a leading producer of high-end liquor in China, edged up 2.66 percent to 216.45 yuan. Farm produce shares gained ground as investors expected food prices to hike further amid the cold weather. Both Hubei Wuchangyu Co. and Wanfu Biotechnology (Hunan) Agricultural Development Co. surged by the 10-percent daily trading limit to finish at 5.81 yuan and 7.92 yuan, respectively.