Chinese stocks close lower Monday

Chinese shares ended consecutive rises in the previous four trading days to close slightly lower on Monday, buoyed by the iron and steel sector but dragged down by ceramic makers and financial institutions.

The benchmark Shanghai Composite Index declined 0.07 percent, or 1.56 points, to end at 2,326.72.

The Shenzhen Component Index lost 0.32 percent, or 30.28 points, to 9,313.13.

Combined turnover on the two bourses declined slightly to 164 billion yuan (26.16 billion U.S. dollars) from 166.2 billion yuan the previous trading day.

Nearly 60 percent of shares posted losses on Monday. Eleven shares, including Inner Mongolia BaoTou Steel Union Co., hit the daily increase cap of 10 percent.

The iron and steel sector fared well on Monday, as Zhang Changfu, deputy head of the China Iron and Steel Association, said at an industry conference last Thursday that the sector will gradually shift to a period of steady growth.

Shandong Qixing Iron Tower Co., a manufacturer of a variety of steel products, rose by a daily limit of 10 percent to 11.53 yuan.

Bucking the trend, the ceramic sector and the financial sector posted losses on Monday, with sub-indices down 1.8 percent and 1.3 percent, respectively.