The Mainland China equity market closed down after erasing early gains on Wednesday, 21 March 2018, weighed down by start-up firms, as investors booked profits in shares of technology companies, with focus on a key Federal Reserve meeting later in the day. The Fed is widely expected to hike interest rates for the first time this year by 25 basis points when it concludes its two-day policy meeting later in the day. Investors are also likely to keep an eye on the accompanying statement for clues about the outlook for future rate hikes. New Fed Chairman Jerome Powell's first press conference as head of the central bank is also likely to attract considerable attention. At the close, the Shanghai Composite index was down 0.29%, or 9.69 points, to 3,280.95 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.73%, or 13.72 points, to 1,858.61. The blue-chip CSI300 index was down 0.38%, with its financial sector sub-index losing 0.01%, the consumer staples sector falling 0.77% and healthcare sub-index shedding 0.67%; the real estate index gained 0.56%.
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