Chinese shares plunge more than 3%

BEIJING - China's major stock indices plunged by more than 3 percent in the afternoon session on Tuesday, tracking losses on Wall Street overnight.

The benchmark Shanghai Composite Index once fell 3.25 percent to 3,374.28 points shortly after the starting of the afternoon session.

By the close of morning session, most stocks dropped, with losers outnumbering gainers by 1,201 to 88 in Shanghai.

Analysts attributed this to declines in overseas stock markets.

The Shanghai SE 50 Index, which tracks actively traded industry leaders, dropped 1.77 percent.

Shares of home appliance and liquor makers lost with Shanxi Xinghuacun Fen Wine Factory Co slumping by the daily limit of 10 percent.

Bucking the trend, shares in gold and energy sectors gained. Western Region Gold rose to the daily limit, while Chifeng Jilong Gold Mining Co surged 6.47 percent.

The benchmark Hang Seng Index opened at 31,028.678 points, plummeting 1,216.54 points, or 3.77 percent on Tuesday. Financial stocks went down, with China Construction Bank, Ping An and Industrial and Commercial Bank of China all falling more than 4 percent.