From the Financial Times:
Asia-Pacific stock markets on Tuesday retreated from seven-week highs hit the previous session, with Shanghai falling below the level marking a halving in value from its peak in October last year.
The Shanghai Composite Index fell by more than 3 per cent in early trading to as low as 3,007.866 – below the 3,062 level which marks a 50 per cent decline from the peak of 6,124.044 hit during trading on October 16, 2007, and less than half the closing level of 6,092.06 on that day. The index was down 3 per cent at 3,022.49 at the midday break. Shanghai was the best performer of Asia’s big exchanges in 2007 but shares there are now back to levels of late March last year. The market has been besieged by subprime worries and assessments by analysts that equities were overvalued.