BEIJING -- Chinese stocks rally was short-lived on Wednesday, reversing early gains and extending Tuesday's heavy losses to the second straight day after the world's second largest economy further slowed in the third quarter.

The benchmark Shanghai Composite Index opened 0.18 percent higher at 2,387.83 on Wall Street's overnight rally but soon gave up its gains and fell 0.25 percent, or 5.97 points, to close at 2,377.51.

The Shenzhen Component Index followed suit by opening 0.28 percent higher at 10,255.6 but dropped near the day's lowest to close at 10,105.74, down 121.19 points, or 1.18 percent.