UPDATE 3-Rate hike hits China shares, more losses expected

Newswire

(Adds closing prices, analysts' comment) SHANGHAI, Oct 29 (Reuters) - China's shares closed down 1.6 percent on Friday after Beijing raised interest rates for the first time in nine years, bouncing off a near-3 percent slide in early trade thanks to a rally among banks. Heavy losses emerged among stocks in industries such as property, steel, autos and cement -- the same sectors to which Beijing had restricted credit, fearing bubbles forming. The benchmark Shanghai composite index , ...

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