Mainland shares fall as Wall Street plummets

Mainland stocks retreated on Tuesday on the back of negative news from Wall Street, which fell close to a 12-year low on Monday, the South China Morning Post reported. The Shanghai Composite Index (SCI) dropped 105.123 points, or 4.56%, to 2,200.654, the index’s lowest close since February 6. "The collapse on the US market hurt investor confidence. Panic-stricken investors rushed to cash out," an analyst was quoted as saying. However, turnover grew by 14.2% on Monday, suggesting that speculators were betting on an imminent turnaround for the market. The SCI remains the world’s best-performing index this year, with a gain of 20.86%.