The Shanghai stock market shrugged off a cut in Chinese interest rates and succumbed to Wall Street-generated gloom yesterday, with its benchmark index closing below 2,000 points for the first time in two years.
The Shanghai composite index fell 4.5 per cent to 1,986.64, less than one-third its value in October last year when China's bull market reached its peak of 6,092.
Some investors consider 2,000 points to be a big psychological barrier for the market and the government, fuelling speculation over whether Beijing might intervene to support the market now that it has sunk below that level.
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