Shanghai stocks close down more than 6%

Shanghai stocks slumped more than six percent by the close on Tuesday, ending a two-day rally, on "panic selling" driven by worries over China's slowing economy and weaker global growth. The benchmark Shanghai Composite Index tumbled 6.42 percent, or 188.72 points, to 2,749.79 on turnover of 212.6 billion yuan ($32.4 billion). The Shenzhen Composite Index, which tracks stocks on China's second exchange, plunged 7.12 percent, or 131.36 points, to 1,714.42 on turnover of 310.5 billion yuan.