Chinese stocks tumble further, drag index to seven-monthlow
BEIJING. KAZINFORM - An investor stands in front of a screen displaying stock indices and prices of shares at a stockbrokerage house in Jinan city, East China's Shandong province, Aug 24, 2015.
Stocks tumble further on Tuesday, dragging the benchmark Shanghai index to its lowest levelsince last December, amid global stock market panic. The benchmark Shanghai Composite Index opened at 3,004.13 points, down 6.41 percent.The Shenzhen Component Index opened 6.91 percent lower at 10,212.47. The ChiNext Index, tracking China's NASDAQ-style board of growth enterprises, opened 7.27percent lower at 1,996.04 points. The gauge plunged after sinking 12 percent last week, despite the State Council grantingpension funds access to equities for the first time over the weekend. These funds will be able to invest up to 30 percent of their net assets or 600 billion yuan intotal ($97 billion) in the country's stocks, equity funds and balanced funds, according to rulespublished by the Cabinet. Source: Chinadaily