China's main stock index plunged by almost 3 per cent on Thursday spurred by fears of government controls on property markets and a slump on Wall Street, dpa reported. The key Shanghai Composite Index, which tracks shares traded in local and foreign currency, ended the day at 2,325.95 points, down 71.23 points, or 2.97 per cent. The smaller Shenzhen Component Index closed at 9,396.11, losing 2.59 per cent of its value. Both indices posted their largest daily losses for more than 12 months. The government announced late Wednesday that it planned to strengthen its measures to control property prices. It aimed to curb speculation in the housing market and would expand pilot property tax schemes to more cities, state media quoted the State Council, or cabinet, as saying.
