Chinese shares plunge 4.95 percent Tuesday

Chinese stocks plunged on Tuesday due to weak market sentiment, with the benchmark Shanghai Composite Index down 4.95 percent to close at 3,063.97 points, the lowest since the start of 2022.

The Shenzhen Component Index retreated 4.36 percent to end at 11,537.24 points.

The combined turnover of stocks covered by the two indices came in at 1.12 trillion yuan (US$176.33 billion), up from 969.82 billion yuan on the previous trading day.

Coal, oil and gas shares were broadly lower. Jinneng Holding Shanxi Coal Industry Co., Ltd. plunged by the 10-percent daily limit to close at 11.91 yuan.

The ChiNext Index, tracking China's NASDAQ-style board of growth enterprises, dipped 2.55 percent to close at 2,504.78 points.