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1st Ld-Writethru: China key stock exchange falls after U.S. Fed move

Xinhua, December 15, 2016 Adjust font size:

China's main stock exchange closed lower on Thursday after the U.S. Federal Reserve decided to raise interest rates and hinted at rate hikes next year.

Dragged down by poor performance of heavyweights, the benchmark Shanghai Composite Index was down 0.73 percent to close at 3,117.68 points.

The smaller Shenzhen index closed 0.23 percent higher at 10,256.11 points. The ChiNext Index, which tracks China's NASDAQ-style enterprises, gained 0.65 percent to close at 1,975.85 points.

The Federal Reserve Wednesday raised the benchmark interest rate by 25 basis points, the first increase in 2016.

The Fed's updated economic projections indicated that the central bank expects to raise rates three times next year, compared with the two-time suggestion in September projections.

Banking shares slumped, triggered by panic selling in bond markets that raised fears of a liquidity crisis.

The Bank of Nanjing fell 5.38 percent to end the day at 11.07 yuan per share, while the Bank of Communications closed 4.27 percent lower at 5.83 yuan. Endi