Benchmark index drops 3%

SHANGHAI: With no positive news emanating from the government over the weekend, the mainland stock market tumbled 3 percent yesterday, reflecting a reversal of investors' expectations.

The benchmark Shanghai Composite Index fell 107.44 points to close at 3472.71, with 787 out of 911 stocks closing lower. The Shenzhen Component Index shed 2.85 percent to close at 13302.14. The turnover on the two bourses amounted to 97 billion yuan, down 25.6 percent from Friday.

Investors, said analysts, had expected the government to announce a stamp tax cut over the weekend, which had temporarily lifted the market mood and pushed the main indicator up nearly 5 percent on Friday.