(Yicai Global) March 12 -- Chinese stock markets closed much lower on investors' fears of a further fall in the US, but chip shares rose.

The Shanghai Composite Index ended at 2,923.49, down 1.52 percent, while the Shenzhen Component Index fell 2.31 percent to 10,941.01. The ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, dropped 2.64 percent to 2,045.93.

Chip stocks were up 1 percent overall when the bell rang.

Editor: Ben Armour