Chinese shares close more than 5% lower

    BEIJING, Jan. 21 (Xinhua) — Chinese shares plunged more than 5percent on Monday, as investors dumped stocks amid liquidity concerns sparked by the huge share sale plan of Ping An Insurance.

    The benchmark Shanghai Composite Index, which covers both A and B shares, tumbled 266.08 points, or 5.14 percent, to 4,914.44, while the Shenzhen Component Index finished down 920.46 points, or5.08 percent, at 17,210.93.

    The largest decline in six and a half months in Shanghai followed a shrinkage of 1.6 trillion yuan (219.2 billion U.S. dollars), or 4.9 percent, in total market value of the two bourses last week.     

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