Drops on world markets and rising oil prices sent Chinese stocks plummeting Friday with the Shanghai bourse losing more than 5 per cent of its value. The Shanghai Composite Index, which tracks shares on the larger of mainland China's two stock markets, fell 153.42 points, or 5.29 per cent, to close at 2,748.43. The Shenzhen Composite Index dropped 50.97 points, or 6.02 per cent, to 795.86 while the CSI 300 Index, which tracks yuan-denominated A shares listed on the mainland's two exchanges, tumbled 164.89 points, or 5.53 per cent, to 2,816.02. As oil prices rose, the stocks of energy firms in a country that subsidizes its fuel suffered while financial services companies also were down ahead of the initial public offering of China Everbright Securities, which investors feared could remove capital that would go into other investments.
