Shanghai index slides 3%

Chinese stocks edged down on Tuesday, led by coal and shipping companies, with the benchmark Shanghai Composite Index losing 3 percent amid a surge in trading and volatility.

The Shanghai index closed at 3,032.61 points on Tuesday, down 94.83 points, while the Shenzhen Component Index slumped 0.36 percent to 10,570.79 points.

Coal and shipping sectors retreated and led the fall on Tuesday, as Yunnan Coal Resources Co, Xishan Coal Electricity Group and Shanghai Bestway Marine slid 9.8, 7.3 and 5.4 percent respectively.

Trading volume in the Shanghai index reached 419.4 billion yuan ($67.5 billion) and 219.3 billion yuan in the Shenzhen index on Tuesday.

Distillers, insurers and brokerages led the gain. Huiquan Beer and Yanghe Distillery jumped 7.1 and 7 percent respectively on Tuesday, while China Life and Huatai Securities advanced 5 and 3.7 percent.

The CSI 300 Index slumped 2 percent to 3,324.92 points on Tuesday.