Shanghai stocks hit 30-month low

Shanghai stocks plunged to a two-and-a-half-year low. More than 20 companies fell by the daily 10 percent limit on price movements.

The Shanghai Composite Index on Monday tumbled by 1.29 percent to 2,705.16 points, the lowest level in two and a half years.

More than 20 companies saw their shares fall by the 10-percent daily cap on price movements.

Import-export sector shares were hit. Shanghai Sanmao Enterprise (Group) Co and Orient International Enterprise both fell by the daily limit.

Stocks related to the Shanghai free trade zone also posted sharp declines, with Shanghai Shine-Link International Logistics Co shedding 8.89 percent and Shanghai Material Trading Co down 8.61 percent.

Pharmaceutical stocks were also among the biggest losers. Tasly Pharmaceutical Group Co, Shanghai Runda Medical Technology Co and Zhejiang Hisun Pharmaceutical Co all also fell by the daily limit.

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