Shanghai Shares Tumble 6.75%
By MARK McDONALD
HONG KONG — The Shanghai composite index plunged 6.75 percent on Monday to close out August with a drop of 21.8 percent, the worst performance for the month among the world’s major exchanges.
Monday’s fall, coupled with a drop of nearly 3 percent last Friday, has made for “a huge, huge decline,” said Dariusz Kowalczyk, chief investment strategist at SJS Markets in Hong Kong.
The overall index was down 192.94 points on Monday to finish at 2,667.75, the lowest closing figure in more than three months. Shares on the Shanghai exchange had rocketed more than 90 percent this year until they began to fall back about three weeks ago.
“It has brought the index into bear market territory,” Mr. Kowalczyk said. “There’s mounting concern over liquidity in the market. This is a big development.”
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