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Stocks Tumble in Shanghai, Shenzhen
'Black Monday' for Shanghai, Shenzhen Stocks
China's two stock markets nosedived on July 30 (Monday), each by more than 5 per cent, triggered by the government's decision to sell State-owned shares one month ago.
The Shanghai stock market, declining for five consecutive sessions last week, tumbled by more than 10 points while opening on Monday. The Shanghai composite index ended at 1956.82 points, dropping 108.91 points, or 5.27 per cent on a turnover of 10.265 billion yuan.
The index slid below the psychological barrier of 2,000 in the morning session, after lurkwarm confidence in the authority's willingness to salvage the market triggered panic selling.
The Shenzhen composite sub-index slumped 226.32 points, or 5.21 per cent during the Monday trading session, to close at a year-low of 4113.94 points. Transaction volume hit 7.437 billion yuan.
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