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China's CSI300 index sees biggest daily loss since November 2010

Hong Kong:

China's CSI300 share index plunged on Monday to its steepest daily loss since November 2010, with the property and banking sectors diving in response to more tightening measures Beijing announced late last week to contain housing costs.

The CSI300 index of the top Shanghai and Shenzhen A-share listings closed down 4.6 per cent at 2,545.7, its heaviest loss in a single day since November 12, 2010.

The Shanghai Composite Index tumbled 3.7 per cent.

China's cabinet announced late on Friday an increase in down payments and loan rates for buyers of second homes in cities where prices are rising too quickly. The announcement came ahead of the start of China's annual parliamentary meetings.

A gauge of property developers listed in Shanghai dived 9.3 per cent, its biggest daily loss since June 2008.

Copyright @ Thomson Reuters 2013

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