Shanghai market hits new low

The Shanghai Composite Index hit its lowest point since March 2007, falling 4% to close at 3,094.67, the Wall Street Journal reported. The Shenzhen All Share Index fell 4.2% to 930.63. The declines were led by airlines, as China Eastern Airlines shares fell by the daily limit of 10% and China Southern Airlines dropped 9.8%. China Eastern shares were hit by news last week that China’s Civil Aviation Administration would fine the company for its pilots intentionally disrupting flights in late March. The Shanghai Composite Index has fallen 49% since its peak in October 2007.