China stocks plunge over 8-pct, largest intraday loss since 2007

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July 27, 2015 (LBO) – China’s benchmark Shanghai Composite index has plunged over 8 percent recording its largest intraday loss in more than eight years amid weak economic data, foreign media reported.

The index plunged 8.48 percent to 3,725.5 in mid day trade and it is the second straight day of losses and worst daily percentage fall since February 2007.

The smaller Shenzhen Composite fell 7 percent to 2160.09 and the small cap ChiNext closed 7.4 percent lower at 2683.45.

Chinese manufacturing data has revealed that profits of industrial firms has dropped 0.3 percent in June from a year earlier.

Analysts say the Chinese investors are still uncertain about upcoming policy changes and concerns over economic data.