Mainland China stock market closed down on Tuesday, 22 March 2016, due to profit booking after the benchmark index closed above psychologically key 3,000 level yesterday for the first time in two months as Chinese authorities eased controls on margin lending. The profit booking selloff triggered after the People's Bank of China attempted to clarify recent comments by its chief, Zhou Xiaochuan. Though Mr. Zhou had pledged to accelerate the development of China's capital market, he wasn't necessarily encouraging funds to rush into the market. Most of the SSE sectoral indices declined with financial shares, materials and health-care companies being major losers. The benchmark Shanghai Composite Index declined 19.44 points, or 0.64%, to 2999.36, while the Shenzhen Composite Index de-grew 5.59 points, or 0.3%, to 1880.78. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, dropped 23.65 points, or 0.73%, to 3225.79.
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