China: Stocks sharply lower at market open

[SHANGHAI] China stocks opened down nearly 2 per cent on Monday, after the country's top securities regulator pledged over the weekend to strengthen oversight amid"abnormal" volatility.

Xiao Gang, Chairman of the China Securities Regulatory Commission (CSRC) said on Saturday that it will strengthen supervision to avoid risks and promote healthy and sustainable development in capital markets.

The CSI300 index fell 1.6 per cent to 3,068.23 points at 1:27 GMT, while the Shanghai Composite Index lost 1.8 per cent to 2,847.54 points.

China CSI300 stock index futures for February rose 0.4 per cent, to 3,027.8, 40.43 points below the current value of the underlying index.

The Hang Seng index in Hong Kong was down 1.2 per cent, to 19,287.38 points.

REUTERS