Shanghai Stocks Close Down Over 6% on Economy Fears

• Shanghai stocks close down over 6% on economy fears
  by AFP/rw, via http://www.channelnewsasia.com/news
  Worries over the slowing Chinese economy and the government’s commitment to prop up shares have dragged stocks down in Shanghai. 
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  SHANGAI: Stocks in Shanghai closed down more than 6 per cent Tuesday (Aug 18), their biggest fall in three weeks, due to worries over the slowing Chinese economy and the government’s commitment to prop up shares, dealers said.
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  The benchmark Shanghai Composite Index slumped 6.15 per cent, or 245.51 points, to 3,748.16 on turnover of 722.5 billion yuan (US$112.9 billion). It was the biggest one-day drop since Jul 27, when it plunged 8.48 per cent – its hardest fall in eight years.
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  The Shenzhen Composite Index, which tracks stocks on China’s second exchange, ended down 6.58 per cent, or 153.07 points, to 2,174.42 on turnover of 667.3 billion yuan.
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  “The market lacks the momentum to go up. There is no major positive news” on the economy, Shen Zhengyang, an analyst at Northeast Securities, told AFP. “In the short-term, the market will fluctuate on the weak side,” he said.
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