China stocks fall in bear territory

The Mainland China share market closed steep lower after a rollercoaster ride on Monday, 29 June 2015, as panicked investors rushed to the exit riskier assets in spite of the central bank's effort to revive confidence with an interest-rate cut. Barring energy, all SSE measures declined, with blue chips of telecom, technology, materials, and financial companies leading declines. The Shanghai Composite Index dropped 3.3% to finish at 4,053.03 on turnover of 904.2 billion yuan. The index saw a swing from gains to losses of 10%, rising 2.5% in early trade before at one point losing as much as 7.6%. The Shenzhen Composite Index, which tracks stocks on China's second exchange, plummeted 6.06%, or 151.56 points, to 2,351.40 on turnover of 631.2 billion yuan. The Shanghai benchmark index tumbled 21.5% from a peak on 12 June 2015, crossing the 20% threshold that defines a bear market.

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