China stocks dip amid volatile global market

Chinese shares closed lower on Thursday as continued stimulus tapering by the U.S Federal Reserve dented global market sentiment. The benchmark Shanghai Composite Index fell 0.82 percent, or 16.83 points, to finish at 2,033.08. The Shenzhen Component Index lost 1.75 percent, or 134.96 points, to close at 7,572.63. Combined turnover on the two bourses contracted to 157.8 billion yuan(25.85 billion U.S. dollars) from 180 billion yuan on the previous trading day. With the U.S. economy improving, the U.S. Federal Reserve announced on Wednesday that it will further reduce its bond purchases by 10 billion U.S. dollars starting in February. The cut added pressure to the already volatile global financial market, as emerging countries have been suffering monetary sell-offs since last week. The distilling, coal and home appliance sectors led the falls. Kweichow Moutai Co., Ltd., a leading Chinese liquor enterprise, fell 3.51 percent, or 4.81 yuan to reach 132.2 yuan per share. Aerospace, media, tourism and digital information led the rises. Boosted by Chinese IT giant Lenovo's acquisition of the Motorola mobile business from Google, Shenzhen Laibao High-technology Co., Ltd, a leading smartphone and tablet touch screen maker, gained 10.04 percent to reach 14.36 yuan per share. The ChiNext Index, a Nasdaq-style board tracking China's growth enterprises, dropped 0.04 percent, or 0.55 points, to end at 1,495.98 points.