Chinese shares close mixed, Shanghai down 0.63 percent

Chinese share prices closed mixed on Wednesday, with the main Shanghai bourse down 0.63 percent amid new supply pressures chiefly triggered by China Pacific Insurance, dealers said.

China Pacific Insurance plunged over eight percent to 27.98 yuan, below its Shanghai initial public offering price of 30 yuan for the first time.

About 300 million of its A shares became freely tradeable on Wednesday after a lock-up period expired.

The benchmark Shanghai Composite Index, which covers A and B shares, closed down 22.76 points at 3,606.86 on turnover of 70.51 billion yuan (9.93 billion dollars).

Losers in the Shanghai market outnumbered gainers 537 to 293, while 21 were unchanged.

The Shenzhen Composite Index, which covers the mainland's smaller stock market, was up 0.28 percent, or 3.17 points, to 1,153.64.

The Shanghai A-share Index was down 23.94 points or 0.63 percent at 3,784.29 on turnover of 70.32 billion yuan. The Shenzhen A-share Index was up 3.39 points or 0.28 percent to 1,213.19 on turnover of 33.99 billion yuan.

(Agencies)