Shanghai Composite tumbles 2.52%

Mainland China's stock market closed steep lower in volatile trade on Monday, 07 September 2015, on deepening gloom over the domestic economic growth after statistics authority lowered the country's growth rate to 7.3% for 2014 based on its preliminary verification. Selloff fueled further on speculation state-backed funds had stopped buying. The Shanghai Composite Index fell 2.52%, or 79.75 points, to 3080.42 points. The Shenzhen Composite Index, which tracks stocks on China's second exchange, ended up 0.2%, or 3.38 points, to 1677.33. The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, gained 2.07%, or 38.49 points, to close at 1893.52.

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