[00:01] Chinese shares plunged sharply today with the benchmark Shanghai Composite Index nosediving 7.4% to finish at 4,192.87 points.
[00:14] It was the sharpest daily drop since June 10, 2008. The Shenzhen Component Index dived 8.24% or 1,293.66 points to close at 14,379.
[00:36] The Chinext Index, tracking China's Nasdaq-style board of growth enterprises, tumbled a record 8.91% to end at 2,920.7 points. More than 2,000 stocks fell by the daily limit of 10%.
[00:52] Stocks relating to communications, the internet, medical care, education and transportation were the biggest losers. Analysts attributed Friday's dive to concerns over liquidity and market overvaluation.
[01:07] They expect the stock market to continue its rise in the long run, but said that market corrections in the short term are inevitable, as share prices had surged too quickly before.