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China stocks extend falls with benchmark Shanghai index down 3.18% at midday
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CHINESE shares sank further Tuesday, defying government efforts to arrest a precipitous fall that has wiped an estimated $3.2 trillion off markets.
The government over the weekend announced a halt to initial public offerings (IPOs) and moves to pour funds into the market to end three weeks of plunging prices.
At midday on Tuesday, the benchmark Shanghai Composite Index was down 3.18 percent, or 120.26 points, at 3,655.65.
The Shenzhen Composite Index, which tracks stocks on China's second exchange, slumped 5.59 percent, or 114.20 points, to 1,927.65.
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