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China stocks open more than 5 pct lower Monday
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CHINESE stocks plunged more than five percent at the opening on Monday, led by declines in brokerage firms.
Most of the brokerage shares tumbled by the daily trading limit of 10 percent as securities regulator stepped up regulation on margin trading.
The China Securities Regulatory Commission said late last Friday that 12 brokerage firms had been found to violate rules in their margin trading businesses.
The benchmark Shanghai Composite Index dropped 5.53 percent to open at 3,189.73. The Shenzhen Component Index opened at 10,939.04, down 5.15 percent.
Analysts said strengthened checks on margin trading, which is believed to fuel the recent rally in the stock market, caused panic and hurt sentiment.
Banking and insurance shares also posted big declines at the opening.
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