Share prices on China's Shanghai and Shenzhen bourses plunged nearly two percent amid moderately heavier turnover on Tuesday as investors began to cash their shares to get ready for subscribing for new shares in pending ten IPOs scheduled on Friday and next Monday.
For the whole day, the benchmark Shanghai Composite Index plunged 1.89 percent to end at 3,470.07 points. The Shenzhen Composite Index went down 1.77 percent to end at 2,221.27 points. The index for small firms lost 2.14 percent to end at 8,139.19 and the ChiNext Index tumbled 1.7 percent to end at 2,691.66.
Combined turnover of the two bourses expanded to 788.57 billion yuan from 751.048 billion yuan on the previous trading day. The majority of stocks closed in the negative territory except for telecom operation and Interent blocks.
Stocks of public transport, hotel, coal, aviation, petroleum, liquor brewing, papermaking, electric power, iron and steel, property and media sectors were among the top losers.
On the stock index futures market, the IF December contract fell 1.37 percent to end at 3,579.2, keeping a discount of 43.82 points to the underlying Hushen 300 Index, which plunged 1.75 percent to end at 3,623.02.
The SSE 50 December contract fell 1.43 percent to end at 2,337.0, keeping a discount of 27.34 points to the underlying SSE 50 Index, which lost 1.3 percent to close at 2,364.34.
The CSI November contract lost 1.58 percent to end at 7,230.0, keeping a discount of 174.14 points to the underlying CSI 500 stock index, which went down 2.61 percent to end at 7,404.14.
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