Chinese shares plunge more than 3 pct Tuesday

China's major stock indices plunged by more than 3 percent Tuesday, tracking losses on Wall Street overnight.

[File Photo: IC]

The benchmark Shanghai Composite Index, fell 3.53 percent to 3,364.4, the lowest point in the afternoon session, before closing at 3,370.65, down by 3.35 percent.

The smaller Shenzhen Component Index plunged 4.23 percent to 10,337.61.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, fell 5.34 percent to close at 1,598.12, hitting a three-year low.

Most stocks dropped, with losers outnumbering gainers by 1,245 to 33 in Shanghai, and by 1,769 to 71 in Shenzhen. More than 400 stocks in the two bourses plunged by the daily limit of 10 percent.

Combined turnover on the two bourses stood at 559.6 billion yuan (88.72 billion U.S. dollars), up from 447 billion yuan the previous trading day.

Analysts attributed this to declines in overseas stock markets.

The Shanghai SE 50 Index, which tracks actively traded industry leaders, dropped 2.01 percent.

Shares of home appliance and liquor makers lost, with Shanxi Xinghuacun Fen Wine Factory Co. slumping by the daily limit of 10 percent.

Financial stocks went down, with China Construction Bank, Ping An Bank and Industrial and Commercial Bank of China falling 3.98 percent, 3.78 percent and 2.32 percent, respectively.

Stocks in coal mining and non-ferrous mental also dropped. China Northern Rare Earth High-tech Co., and Sichuan Western Resources Holdings saw their share prices plummeting by 7.82 percent and 9.9 percent, respectively.

Bucking the trend, shares in gold and energy gained. Western Region Gold rose to the daily limit, while Chifeng Jilong Gold Mining Co., surged 8.32 percent. The benchmark Hang Seng Index closed at 30,595.42, plummeting 5.1 percent Tuesday.