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China stocks bearish on possible U.S. rate hike

Xinhua, September 12, 2016 Adjust font size:

Chinese shares tumbled on Monday, under pressure from a possible U.S. rate hike.

The benchmark Shanghai Composite Index was down 1.85 percent to close at 3,021.98 points, and the Shenzhen component index closed 2.8 percent lower at 10,461.58 points.

The ChiNext Index, tracking China's NASDAQ-style enterprises, was down 2.61 percent to close at 2,145.56 points.

Most listed companies saw falling shares, with industrial giants in resources, finance and automobile sectors hit the hardest.

Zhongjin Gold lost 5.82 percent to close at 12.31 yuan (1.84 U.S. dollar), and Ping An Bank fell 2.35 percent to close at 9.16 yuan.

Analysts attributed global declines to rising concern that the U.S. Federal Reserve may raise interest rates soon. Stock markets in the United States, Japan and Hong Kong also suffered.

Combined turnover on the two bourses rose to around 540 billion yuan, from around 480 billion yuan on Friday. Endi