CHINESE MARKETS TANK AT THE OPEN - Business Insider



China's share market got destroyed again on Tuesday.
The stock market on Monday suffered its largest decline since February 2007, and the sell-off continued into Tuesday.
The benchmark Shanghai Composite index closed the session down 7.63% at 2,965.149 points, extending its losses from the multiyear peak of 5,178.2 struck on June 12 to 42.74%.
It was the first time the index closed below the 3,000-point level since December 24.
Combined with Monday's 8.5% decline, the index has lost 15.06% in two days. It is the largest two-day fall seen since December 17, 1996.
Over the past 12 months the index gains have dwindled to 33%. At the peak this year, it had risen over 150% over the same period.
The continued sell-off came amid reports from Chinese state-run media outlets that the government may be pulling back its support for the nation's stock market.
Elsewhere the Shenzhen Composite and Chinext indices, brimming with small-cap stocks, are down by more than 7%.
While the carnage in China continued, the same cannot be said for markets across the region — they finished mostly higher.
Australia's ASX 200 closed up 2.72% having been down more than 1.60% earlier in the session. At 4.59%, it recorded its largest percentage trading range since October 2011.
It was the largest percentage gain since October 24, 2011, and following the largest percentage decline since January 21, 2009, on Monday.