Stocks slide to eight-month low

SHANGHAI: The mainland stock market dropped below the psychological level of 4000 yesterday as investors were hit by worries ranging from central bank tightening measures to a possible US recession.

The Shanghai Composite Index fell 2.43 percent to 3971.26 points, an eight-month low, with turnover reaching 97.6 billion yuan ($13.74 billion), up 8.6 percent from the previous trading day.

The indicator tumbled more than 4 percent to 3902.25 in the afternoon before regaining some lost ground in the last hour. The index has shed an aggregate of 27 percent in the past two months.