Chinese markets tumble amid heavy trading

Shanghai stocks continued to fall on Wednesday, led by declines of telecommunication and electronics shares.

The benchmark Shanghai Composite Index lost 1.56 percent to 3,361.30 points, while the smaller Shenzhen Component Index tumbled 1.87 percent to 13,734.13 points.

The ChiNext Composite Index dropped 1.6 percent to 2,813.06 points, while the blue chip CSI300 Index closed 1.29 percent lower at 4,744.47 points.

Turnover on the two major bourses added up to 1.57 trillion yuan (US$224.5 billion), compared with 1.7 trillion yuan in the previous trading day.

In terms of individual shares, those of nearly 92 listed companies soared over 9 percent in the session, while 147 lost more than 9 percent.

On the STAR Market, 8 of 126 listed firms gained on the day, one was unchanged and 117 shares declined. Effort Intelligent Equipment Co jumped by 387.87 percent, while National Silicon Industry Group Co lost 19.94 percent.