China stocks slip amid emerging markets anxiety

Chinese shares closed lower on Monday as fluctuations in the financial markets of emerging economies dampened investor sentiment. The Shanghai Composite Index fell 1.03 percent, or 21.09 points, to finish at 2,033.30, while the Shenzhen Component Index lost 1.31 percent, or 102.61 points, to close at 7,752.54. Combined turnover on the two bourses fell to 219.2 billion yuan (35.9 billion U.S. dollars) from 226.7 billion yuan on the previous trading day. Currencies in emerging economies such as the Philippine peso and Malaysian ringgit plummeted on Monday over fears about the U.S. Federal Reserve's move to continue tapering stimulus and tighter credit conditions in China. Financial shares led the declines on Monday. Industrial and Commercial Bank of China (ICBC), the country's largest lender, lost 1.18 percent to 3.36 yuan per share. China Life Insurance Company Limited, an insurance heavyweight, fell 4.11 percent to 13.76 yuan per share. Investors continued to court newly listed shares. Sichuan Troy Information Technology Co., Ltd., Guangdong East Power Co., Ltd., and another six companies with newly listed shares on the Shenzhen stock market all gained over 44 percent. The ChiNext Index, a Nasdaq-style board tracking China's growth enterprises, dropped 0.46 percent after reaching a record high of 1,500 points.