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1st LD-Writethru: Chinese shares slump on opening

Xinhua, July 28, 2015 Adjust font size:

Chinese stocks opened much lower on Tuesday following Monday's collapse and the regulators' promise of support for the market.

The benchmark Shanghai Composite Index fell 4.09 percent to open at 3,573.14. The Shenzhen Component Index opened 4.06 percent lower at 11,986.25.

The ChiNext Index, tracking China's NASDAQ-style board of growth enterprises, opened 5.11 percent lower at 2,546.41 points.

On Monday, the Shanghai index lost 8.48 percent to close at 3,725.56 points, the sharpest daily drop since Feb. 27, 2007. Shenzhen fell 7.59 percent to close at 12,493.05 points.

China Securities Finance Corporation Ltd. (CSF) said Monday night it would continue to buy stocks to stabilize the market.

Zhang Xiaojun, spokesperson with the China Securities Regulatory Commission (CSRC), dispelled rumors that the national margin trading service provider has backed off from stabilizing the stock market.

CSRC is investigating huge sell-offs by some individuals and will punish any malicious short selling, Zhang said. Endi