SHANGHAI, Nov 27 — China stocks closed lower today, as data showed profit at China's industrial firms grew at a slower pace in October, while shares on the smaller Beijing Stock Exchange surged amid policy support and speculative bets.

** The blue-chip CSI 300 Index .CSI300 lost 0.7 per cent, and the Shanghai Composite Index .SSEC was down 0.3 per cent at market close.

** Hong Kong's Hang Seng Index .HSI slipped 0.2 per cent, and the Hang Seng China Enterprises Index .HSCE declined 0.3 per cent.

** Other Asian shares also slipped ahead of potentially market-moving inflation data from the United States and Europe later in the week, and a meeting of oil producers that could stop, or extend, the recent slide in prices.

** Profits at China's industrial firms extended gains for a third month in October, albeit at a slower pace, suggesting policy support measures need to be sustained to help shore up growth in the world's second-largest economy.

** The 2.7 per cent year-on-year rise sees profit growth narrow back to single digits, following an 11.9 per cent increase in September and a 17.2 per cent gain in August.

** "The CSI 300 has been in decline for the past 3 weeks despite (policy support) announcement of what we feel are quite concrete," said Wong Kok Hoong, head of equity sales trading at Maybank Securities. "The price action, and the charts, seemed to be pointing indices will be retesting lows."

** Most sectors fell. Property developers .CSI000952 plunged 2.3 per cent after a 4 per cent gain in the previous week amid media reports of the latest policy support.

** Shares in new energy .CSI399808, media .CSI399971 and liquor makers .CSI399997 lost between 1.6 per cent and 2 per cent each.

** The Hang Seng Mainland Properties Index .HSMPI slumped 2.5 per cent and the Hang Seng Tech Index .HSTECH edged up 0.2 per cent.

** Still, small stocks rose amid speculative bets. Shares of Beijing Stock Exchange .CSI899050, which focuses on China's innovative small companies, jumped 11.4 per cent following a record 21 per cent gain last week, amid policy support and frenzied bets.

** The Beijing Stock Exchange has de facto implemented a new policy that prevents major shareholders of companies listed on its bourse from selling stock, worried that such sales could douse a market rally, three sources told Reuters. — Reuters