(Yicai Global) March 12 -- Chinese stock markets opened considerably lower this morning after another steep decline in the US markets.

The Shanghai Composite Index opened at 2936.02, down 1.09 percent, while the Shenzhen Component Index fell 1.59 percent to 11,022.40. The ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, dropped 1.49 percent to 2,070.22.

US markets yesterday plummeted into a technical market correction, ending the longest bull run in American stock history. The Dow Jones Industry Average fell 5.86 percent, while the Nasdaq plunged 4.7 percent and the S&P 500 Index slumped 4.89 percent.