Chinese stocks experience slight gains

Chinese mainland stocks erased declines in afternoon trading to scratch out a gain for the day, with PetroChina Co leading the rebound as oil prices held near a 17-month high.

The Shanghai Composite Index rose 0.1 percent to close at 3,155.04, after sliding as much as 1.1 percent. PetroChina added 1.9 percent, while China Petroleum & Chemical Corp climbed 0.9 percent. China's industrial output grew 6.2 percent in November from a year earlier, in line with analysts' expectations, while retail sales topped estimates. The Shenzhen Composite Index added 0.3 percent following Monday's 4.9 percent tumble.

Concern about higher money market rates and regulatory moves to curb leveraged equity purchases has dogged the nation's financial markets this week. Stocks, bonds and the currency have also come under pressure before this week's expected US interest-rate hike.