Shanghai share index dives more than 8 percent

Staff Writer
Columbus CEO

SEOUL, South Korea (AP) — The Shanghai share index dived more than 8 percent Monday as Chinese shares suffered a renewed sell-off despite government efforts to support the market.

Other Asian stock markets also were lower. The Shanghai Composite Index closed down 8.5 percent.

Chinese shares fell dramatically in June after a sizzling yearlong rally took the market to unsustainable heights.

A period of stability was achieved after the government announced draconian support measures including forbidding major shareholders from selling any of their shares.

The Chinese sell-off Monday rattled other markets in the region. Hong Kong's Hang Seng was down 3.2 percent and Japan's Nikkei 225 dropped 1 percent.