MW: Shanghai index hits 2-year low, banks lead declines
By Chris Oliver, MarketWatch
HONG KONG (MarketWatch) -- China's Shanghai Composite Index fell to a more than two-year low Thursday, with financial shares among leading decliners.
The Composite Index fell as much as 3.2% to 1,703.10, its lowest level since Sept. 14. 2006. The index pared some of those losses later morning to trade 2.9% lower at 1,708.44, bringing its 12-month decline to 69.7%.
Among financials, the Shanghai-listed shares of China Life Insurance were down 4%, while those of China Merchants Bank fell 3.5%.
Oil and gas producers were also trading weaker, with PetroChina easing 2.9%. PetroChina's Hong Kong-listed shares were down 7.5%.
