China stocks plummet on Tuesday

Beijing, Sep 15 (IANS) Chinese shares continued their losing streak on Tuesday, with the benchmark Shanghai Composite Index dipping 3.52 percent to end at 3,005.17 points.

The Shenzhen Component Index lost 4.98 percent to close at 9,290.81 points, Xinhua news agency reported.

The ChiNext Index, which tracks China’s NASDAQ-style board of growth enterprises, lost 5.70 percent to close at 1,797.56 points.

Only 59 shares rose while 862 shares lost in Shanghai, the valuation of which once dived more than four percent in the afternoon session.

Meanwhile, 1,330 losers outnumbered the 65 winners in Shenzhen. More than 700 shares fell by the daily limit of 10 percent.

Total turnover on the two bourses was 477.61 billion yuan ($74.98 billion), far less than the 681.06 billion yuan registered on Monday.

The shares have slumped for two days in a row after weak economic data released over the weekend, adding to worries about the world’s second-largest economy.

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