China's stock markets closed their trading sessions by a drop of nearly 5 percent on Thursday due to profit-taking, pressure from imminent IPO listings and concerns about possible interest rate hikes.

The Shanghai Stock Exchange's Composite Index, which comprises of yuan-denominated A shares and foreign-currency B shares, closed at 1,655.8 points, 84.2 points lower, or down by 4.84 percent.

Total turnover of the Shanghai market was 40.1 billion yuan (5.01 billion U.S. dollars) with 1,224 share prices down, 63 up and five at the same prices.

Market bellwethers -- Bank of China, Sinopec, China Yangtze Power, Unicom and Baosteel -- fell by 2.7 percent to 3.49 percent, setting heavy blows to the confidence of market participants.

About 200 shares dropped by 10 percent, the daily maximum level of fall.

Source: Xinhua