China stocks slide nearly 2 percent on profit taking
SHANGHAI Oct 28 (Reuters) - China stocks fell on Wednesday, with a late afternoon bout of profit taking pushing major indexes deep into the red.
"The fall today remained propelled by profit-taking after the gains in recent weeks," said Xiao Shijun, an analyst at Guodu Securities in Beijing.
"With lots of reforms in the pipeline and official economy-boosting steps taken, the market will remain in a rebounding track in the medium term despite short-term volatility."
The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 1.9 percent to 3,524.92 points, while the Shanghai Composite Index lost 1.7 percent to 3,375.20.
Among the most active stocks in Shanghai were China Shipbuilding, down 6.2 percent to 11.27 yuan; Meiyan Jixiang, down 3.9 percent to 8.49 yuan and Hongxing Steel, up 3.6 percent to 4.36 yuan.
In Shenzhen, Tongling NFM, down 7.6 percent to 4.13 yuan; BOE Technology, down 2.0 percent to 2.99 yuan and Xingrong Enviro, up 7.3 percent to 7.97 yuan were among the most actively traded.
Total volume of A shares traded in Shanghai was 29.3 billion shares, while Shenzhen volume was 34.1 billion shares.
(Reporting by the Shanghai Newsroom; Editing by Kim Coghill)
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