Shanghai index hits 15-month low

The benchmark Shanghai Composite Index (SCI) fell 2.2% to close at 2,957.53 a 15-month low on Thursday, AP reported. Worries of inflation and surging commodity prices helped push the SCI to below 3,000 points, considered a psychologically important barrier. The market was weighed down by oil giants PetroChina and Sinopec, which fell 3.3% and 3.4%, respectively, while CITIC Securities dropped 7.3%. However property developer China Vanke rose 3.5% after two consecutive days of falling by the 10% daily limit. The SCI has dropped by over 43% since the beginning of the year.