China market tumbles after weak industrial profit data

The Mainland China stock market ended steep lower on Monday, 28 December 2015, as risk sentiments hammered after weaker than expected industrial profit data for November and a looming revamp of the country's initial public offering (IPO) system. Most sectors lost ground, with industrial and banking stocks leading the decline. The Shanghai Composite Index stumbles 2.59%, or 94.13 points, to close at 3533.78. The Shenzhen Composite Index, which tracks stocks on China's second exchange, declined 2.18%, or 51.35 points, to close at 2308.38. The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, lost 2.12%, or 59.24 points, to close at 2735.49.

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