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Shanghai stocks close down 3.42% on economy worries
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China's benchmark stock index closed down 3.42 percent on Thursday as worries persisted over the weak economy and currency, dealers said.
The Shanghai Composite Index slumped 129.82 points to 3,664.29 on turnover of 501.2 billion yuan (US$78.4 billion).
The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 3.00 percent, or 66.56 points, to 2,155.49 on turnover of 480.9 billion yuan.
Chinese shares have been highly volatile in recent months, plunging almost a third in a matter of weeks in June, after having risen over 150 percent in the preceding year.
After the collapse, Beijing intervened with a rescue package that included funding the state-backed China Securities Finance Corp. (CSF) to buy stocks on behalf of the government.
"The concern over the weak economy is definitely there," Phillip Securities analyst Chen Xingyu told AFP.
China's economy expanded 7.4 percent last year, its weakest pace since 1990, and has slowed further this year, growing 7.0 percent in each of the first two quarters.
Chen said investors were also worried about the government scaling back support for the share market, despite a pledge by the regulator that the CSF will continue to intervene for a number of years.
"Investors are also scared that after many companies revealed the share stake holdings of the 'national team'... there won't be any more moves left, since the state has already bought so much stock to support the market," he said.
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