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China key stock index sinks below 3,000 points

Chinese stocks fell on Monday, with the Shanghai stock index sinking below the key psychological level of 3,000 points.

The benchmark Shanghai Composite Index was down 1.76 percent to close at 2,980.43 points, and the smaller Shenzhen Composite Index fell 2.05 percent to 10,392.7 points.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, dropped 1.52 percent to close at 2,123.68 points.

Trading remained thin during the day. Combined turnover on the two bourses stood at 425.2 billion yuan (US$62.5 billion).

Newly listed shares led the fall due to profit-taking following robust gains in recent weeks. Jiangsu Kuanghun Photosensitivity New-material Stock Co. slumped by the daily limit of 10 percent to close at 46.99 yuan per share.

Founder Securities forecast mild fluctuations in the market ahead of the Golden Week holiday, when the market will be closed for seven days from Oct. 1.


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