(Yicai Global) July 24 -- China’s mainland stock markets closed sharply lower today, erasing much of the week’s earlier gains, as investors reacted to the US bourses’ downward trend yesterday, cashing in profits as the mood became more pessimistic.
The Shanghai Stock Exchange’s Star Market’s new Star 50 Index, which went live yesterday, crashed 7.02 percent to 1,389.31.
The Shanghai Composite Index slumped 3.86 percent to end the week at 3,196.77, while the Shenzhen Component Index dropped 5.31 percent to 12,935.7. The ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, plummeted 6.14 percent to 2,627.84.
Over the course of the week, the Shanghai Composite Index closed 0.54 percent lower, the Shenzhen Component Index was down 1.37 percent and the ChiNext Price Index slid 0.96 percent.
Editor: Kim Taylor