SCI posts lowest close in 9 months

The Shanghai Composite Index closed at its lowest level in a year, the South China Morning Post reported. The index dropped 170 points or 4.5% to 3,626, its lowest close since July 5 last year and the biggest one-day fall in two months. Some analysts suggest that the index could fall below the 3,000 mark due to rising interest rates and slower earnings growth from listed companies. The SCI is now down 40% from a record-high 6,030 set last October. Ping An Insurance led the fall yesterday, dropping 9.81%.