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SHANGHAI - Chinese share prices were sharply lower Monday morning as concerns of an economic slowdown outweighed Beijing's latest market-boosting measures, dealers said.
The Ministry of Finance's announcement Sunday to cancel tax on interest earned in securities accounts held by individuals, was too small to boost sentiment in local bourses amid global sell-offs, traders said.
Meanwhile, weak third-quarter earnings posted by some of the Shanghai-index's heavily weighed banks and insurance companies further dented investors' interests, traders said.
The benchmark Shanghai Composite Index, which covers A and B shares, was down 42.95 points or 2.33 percent at 1,796.67.
The Shanghai A-share index lost 45.02 points, or 2.33 percent, to 1,887.35, while the Shenzhen A-share index fell 12.05 points, or 2.27 percent, to 519.67.
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