Chinese shares plunge Tuesday

Shares in the Chinesemainland closed lower Tuesday, with the benchmark Shanghai Composite Index down by 77.26 points or 2.89 percent to close at 2,595.27.

The Shenzhen Component Index dropped by 302.02 points or 2.74 percent to close at 10,715.39.

The financial, property and oil stocks all had a bad performance Today. Financial stocks dropped nearly 4 percent; securities, gold, instruments and meters, paper making, chemical fertilizer and vintage slumped more than 4 percent.

Benefited by recent media reports that a new development plan on medicament would be launched, drug stocks have maintained a good performance. Auto stocks also saw a day of stability.

According to media reports, the sudden slumping of the A-share market occurred due the fuzz over macro-economic data which is expected to be released tomorrow, and that data released also Today showed that the pace of growth of imports have declined for consecutive three years, causing investors to be more cautious.

Source: Global Times