H shares slump most in seven months amid Fed rate concern

Mainland stocks in Hong Kong slumped the most in seven months, led by financial companies, as rising bets the Federal Reserve will raise borrowing costs this year derailed one of the world's best rallies.

The Hang Seng China Enterprises Index tumbled 4 percent at the close, its biggest loss since Feb 11. The gauge rose 34 percent from a February low through Friday, sending a momentum indicator to the highest level since April 2015. China Life Insurance Co and China Construction Bank Corp fell more than 5 percent.

The Shanghai Composite Index slid 1.9 percent at the close, nearing the 3,000 level that has triggered State support in the past.