BG China stocks nosedive

Beijing, July 27 (IANS) Chinese shares nosedived on Monday, in the biggest single-day fall in over eight years.

The benchmark Shanghai Composite Index plunged 8.48 percent to close at 3,725.56 points, China.org reported.

The fall was the biggest single-day loss since February 2007.

The smaller Shenzhen Component Index fell 7.59 percent to close at 12,493.05 points.

The ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, lost 7.4 percent to end at 2,683.45 points.

The National Bureau of Statistics said that profits at major Chinese industrial firms dropped 0.3 percent year on year in June, down from 0.6 percent growth posted in May.

The flash Caixin China Manufacturing Purchasing Managers’ Index (PMI) released on Friday retreated from 49.4 in June to 48.2 in July, the lowest since April in 2014.

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