China shares end down 7.7%, biggest fall in six years

[SHANGHAI] Chinese shares closed down 7.70 per cent on Monday, the biggest one-day decline in more than six years, after regulators punished several brokerages for violating rules for margin trading business, dealers said.

The benchmark Shanghai Composite Index tumbled 260.15 points to 3,116.35 on turnover of 409.9 billion yuan (S$87.6 billion), after falling as much as 8.33 per cent at one point. The decline was the biggest since June 10, 2008, when the index closed down 7.73 per cent.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 3.39 per cent, or 50.10 points, to 1,428.37 on turnover of 276.2 billion yuan.

AFP