China Market tumbles on bond default woes

Mainland China stock market tumbled on Friday, 06 May 2016, as risk aversion selloff triggered on worries about looming corporate bond defaults and regulatory concerns. All10 SSE sectors declined, with IT, telecom, energy, material, and consumer staple issues being major losers. The benchmark Shanghai Composite Index tumbled 84.59 points, or 2.82%, to 2913.25. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, sank 83.77 points, or 2.6%, to 3130.35.

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