Stocks hit 1-year low on earnings fears

SHANGHAI: The mainland stock market plunged 5.62 percent yesterday to the lowest point in more than 12 months because of intensifying worries about depressed corporate first quarter earnings due to be announced in the coming weeks.

The benchmark Shanghai Composite Index fell 196.22 points to close at 3296.67, the lowest since April 4, 2007. Losers outnumbered gainers by 838 to 24. The Shenzhen Component Index slid 7.39 percent, or 984.5 points to close at 12343.61.

Turnover on the two bourses amounted to 99.07 billion yuan ($14.17 billion), up 12.3 percent from last Friday. Total capitalization shrank 5.7 percent to 21.27 trillion yuan ($3.04 trillion).