Financial, coal shares drag index to 20-month low

The mainland's major stock index fell to a fresh 20-month closing low yesterday, led down by financial, coal and non-ferrous metals shares as investors worried about slowing economic growth.

The Shanghai Composite Index ended down 1.22 percent at 2276.67 points, after touching an intra-day low of 2248.07. It is down 63 percent from last October's record peak.

"The index is likely to drop below 2245 points at the opening tomorrow, or during the day tomorrow - institutions are cutting their positions sharply," said Wu Nan, an analyst at Xiangcai Securities.