Chinese shares plunge 4.66% to 4-week low

Chinese stocks sank 4.66 percent to their lowest close in four weeks on Wednesday on worries that this year's surge in stocks has outrun the economic recovery and that a drop-off in lending means less money flowing into shares.

The Shanghai Composite Index closed at 3,112.719 points, down 10.5 percent from a 14-month high hit at the rally's peak last week but still up 71 percent from the start of the year.

Losing Shanghai A shares outnumbered gainers by 847 to 86, while turnover for Shanghai A shares rose to 157.1 billion yuan ($23.0 billion) from Tuesday's six-week low of 122.2 billion yuan.

Source:  BizChina