Large caps drag down Shanghai index

China's main stock index sank 3.2 percent yesterday as large caps tumbled, taking their cues from falling overseas markets and bleak earnings prospects.

The Shanghai Composite Index closed at 1895.822 points, near the day's low of 1894.310. The index has lost 69 percent from its record peak hit last October.

The index's biggest stock, PetroChina, sank 5.71 percent to 11.22 yuan. Turnover in Shanghai A shares was light at 32.2 billion yuan, down from Tuesday's 38.6 billion yuan.