A-shares end rough week as Shanghai Composite Index falls 7.4%

Mainland listed shares plunged Friday as the Shanghai Composite Index fell 7.4% and the Shenzhen Composite Index fell 7.9%, accelerating a sudden fall for what had been a world-beating rally, The New York Times reported. Authorities have been moving to further restrict stock purchases using borrowed money both on the books and off, but while stock prices are still significantly up from a year ago–with Shanghai’s index up as much as 160% in the last two years–shares may have peaked. The Nasdaq-style ChiNext board in Shenzhen has already dropped roughly 30% in the last several weeks, technically putting it in a bear market.