Stocks shed 2.15%

SHANGHAI: The mainland stock market dived 2.15 percent yesterday, the largest one-day drop in two weeks, as the surge in oil prices triggered investor concerns about rising costs eating into corporate earnings.

The benchmark Shanghai Composite Index tumbled 60.95 points to close at 2775.72, with 812 out of 912 stocks closing lower. The Shenzhen Component Index slid 2.53 percent, or 245.46 points, to close at 9470.33.

The turnover on the two bourses amounted to 68.11 billion yuan, down 9.7 percent from Wednesday. The market capitalization was 18.08 trillion yuan, and the average price-earnings ratio of A shares was 19.83.