Chinese stocks plunged Tuesday in a break from a months-long boom and other Asian markets were lower on concern about feeble Chinese trade and Japan's recession, according to AP. The Shanghai Composite Index dived 5.4 percent to 2,856.27 though it still was up 6.6 percent over the past week following a months-long rally. Tokyo's Nikkei 225 fell 0.7 percent to 17,813.38. India's Sensex declined 1.7 percent to 27,908.23. Seoul, Sydney and Bangkok also declined. Singapore and New Zealand were the only gainers. Major Chinese oil and bank stocks fell, some by the daily limit of 10 percent allowed by regulators, as the market took a break from a buying frenzy that has pushed up the Shanghai benchmark by 41 percent since June. The Dow Jones industrial average lost 0.6 percent to 17,852.48 on Monday and the broader Standard & Poor's 500 was off 0.7 percent at 2,060.31. The Nasdaq composite shed 0.8 percent to 4,740.69. U.S. benchmark crude shed 55 cents to $62.50 per barrel in electronic trading on the New York Mercantile Exchange. The dollar declined to 120.73 yen from Monday's 120.87 yen. The euro rose to $1.2344 from $1.2307.
