China: Shanghai Composite drops below 3,000 as selloff resumes

[SHANGHAI] China's benchmark index dropped below the 3,000 level, resuming this year's selloff as better-than- expected trade data and government efforts to stabiliSe the yuan failed to ease investor concerns about the economy.

The Shanghai Composite Index slid 1 per cent to 2,991.84 at 2:41 pM, dragged down by telecom and industrial companies. The stocks gauge has slumped 16 per cent in 2016, the world's worst- performing global index.

"The previous plunge has largely damaged the market sentiment," said Wu Kan, fund manager at JK Life Insurance Co.

"The trade data isn't enough to turn around sentiment."

BLOOMBERG