Chinese shares close lower Monday

Chinese stocks closed lower Monday, pulled by rare earth sector, while shares related to China women's volleyball team rallied.

The benchmark Shanghai Composite Index went down 0.75 percent to close at 3,084.81 points.

The Shenzhen index closed 1.3 percent lower at 10,731.4 points. The ChiNext Index, tracking China's NASDAQ-style board of growth enterprises, was down 1.69 percent to close at 2,167.4 points.

Turnover on the two bourses totaled 534.3 billion yuan (80.9 billion U.S. dollars).

Shares related to the Rio Olympic champion, the China women's volleyball team, surged Monday. Wuxi Double Elephant Micro Fibre Material Co., which produces artificial leather for volleyball, rocketed to the 10 percent limit within five minutes after the market opened Monday.

Source : XINHUA