Market plunges amid expectations of further uncertainty

SHANGHAI: The mainland stock market took a dive yesterday after a four-day run-up, as jittery investors hurried to take profits ahead of the further tightening of government monetary policy to combat inflation.

The benchmark Shanghai Composite Index plunged nearly 200 points, or 5.5 percent, the biggest one-day decline in three months, to close at 3413.91. The Shenzhen Component Index slid 3.78 percent to close at 13078.81.

The turnover on two bourses amounted to 120.6 billion yuan ($17.2 billion), down 11.1 percent from Tuesday. The latest stock price slide wiped out 1.2 trillion yuan to 22.01 trillion yuan of total market capitalization.