Stocks dive to lowest in 16 months

SHANGHAI: The mainland stock market plunged 6.54 percent to close at a 16-month low yesterday, erasing 1.27 trillion ($184 billion) of total market capitalization.

The benchmark Shanghai Composite Index fell 192.25 points to close at 2748.87, and 852 of the 912 stocks closed lower. The Shenzhen Component Index sunk 7.49 percent, or 741.57 points, to close at 9161.56.

The turnover on the two bourses was 89.98 billion yuan, down 11.9 percent from Wednesday, and the total capitalization dropped 6.6 percent to 17.8 trillion yuan.