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1st LD-Writethru: China stocks opened sharply lower on Tuesday

Xinhua, July 7, 2015 Adjust font size:

Chinese stocks opened sharply lower on Tuesday, with the benchmark Shanghai Composite Index down 3.21 percent to open at 3,654.78, suggesting investors' confidence has not yet recovered.

The Shenzhen Component Index opened 3.44 percent lower at 11,660.56.

The ChiNext Index, tracking China's NASDAQ-style board of growth enterprises, opened 3.84 percent lower at 2,398.10 points.

Shares fell across the board in most industries, with utilities, steel and transportation companies leading the losses.

China Financial Futures Exchange (CFFEX) said Monday night that it would limit investors' daily purchases of CSI 500 index futures to 1,200 lots for rise and fall and would step up efforts to investigation of illegal market activities to stabilize the capital market.

The stock market showed signs of stabilization on Monday after being stuck in the doldrums for three weeks. The benchmark Shanghai Composite Index advanced 2.41 percent to finish at 3,775.91 points.

Shenwan Hongyuan Securities said in a research report that the Shanghai Composite Index will continue to rise and fall in the coming three months between 3,600 points and 4,500 points. Endit