Chinese shares plunge 5% on profit taking

Chinese equities ended 5 percent lower Wednesday after rebounding from a plummet of more than 7 percent in the afternoon trade, as investors cashed in on earlier gains during the past five consecutive trading days.

The benchmark Shanghai Composite Index closed at 3,266.43 points, down 171.94 points, or 5 percent, ending a five-day rising streak.

The Shenzhen Component Index retreated 5.54 percent to finish at 13,070.6 points, down 766.06 points.

Combined turnover shot up to a record high of 429.1 billion yuan ($63.1 billion) from 374.27 billion yuan on the previous trading day.

Source: BizChina