February 25, 2014 / 7:11 AM / 4 years ago

China's CSI300 index in biggest loss in 7 mths, ChiNext hit by sharp reversal

HONG KONG, Feb 25 (Reuters) - China’s CSI300 share index suffered its largest one-day loss in seven months on Tuesday, as prices dropped sharply in the afternoon on renewed credit worries and a sharp drop in the yuan.

The Nasdaq-style ChiNext Composite Index of mostly high-tech start-ups listed in Shenzhen ended down 5.1 percent after touching an intra-day record high just shortly before the midday lunch break.

The CSI300 of the leading Shanghai and Shenzhen A-share listings tumbled 2.6 percent in its biggest single-day loss since July 2013. The Shanghai Composite Index ended down 2 percent at 2,034.2 points.

This was the fourth-straight day of losses for both major benchmark indexes, with investors jittery about lending curbs on the important property sector.

China’s spot yuan fell below the official midpoint rate for the first time since September 2012 on Tuesday, as economists and traders suspected the central bank had intervened to add volatility to the currency in preparation for reform. (Reporting by Clement Tan; Editing by Richard Borsuk)

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