China: Shanghai shares open down more than 3%

Shanghai shares opened down more than three per cent on Monday, despite China authorising its state pension fund to invest in stocks, the authorities' latest attempt to shore up the markets. 

PHOTO: AFP

AUG 24, 20159:40 AM

[SHANGHAI] Shanghai shares opened down more than three per cent on Monday, despite China authorising its state pension fund to invest in stocks, the authorities' latest attempt to shore up the markets.

The benchmark Shanghai Composite Index slumped 3.83 per cent, or 134.26 points, to 3,373.48. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dived 4.32 per cent, or 88.12 points, to 1,951.28.

AFP