Shares slip on move against margin financing

Chinese equities fell sharply on Tuesday after the country's securities watchdog stepped up its crackdown on illegal margin financing by shutting down thousands of stock trading accounts.

The benchmark Shanghai Composite Index dropped 3.52 percent, or 109.63 points, to close at 3,005.17.

The index had slipped below the psychologically-sensitive level of 3,000 points in afternoon trading before recovering.