Shanghai shares extend losses to end at lowest since January 2016

Shanghai stocks extended their losses for the third day in a row to close at its lowest level since January 2016 yesterday after investors sold consumer shares.

The Shanghai Composite Index shed 0.33 percent to 2,656.11 points. Turnover also fell to 93.45 billion yuan (US$13.61 billion) from 96.88 billion yuan on Tuesday to a 32-month low.

Food and beverage shares led the drop, with Jonjee Hi-Tech Industrial & Commercial Holding Co losing 5.81 percent. Shanxi Xinghuacun Fen Wine Factory Co shed 3.2 percent to 43.8 yuan, and Kweichow Moutai Co, a leading company in this industry, fell 2.48 percent to 630 yuan.

Pharmaceutical companies were also big losers, with LBX Pharmacy Chain Joint Stock Company, Topchoice Medical Investment Co and Jiangsu Hengrui Medicine Co all shedding over 5 percent.