China stocks crash (more) Plunge as State Suppo
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Posted On: 07/08/2015 7:35:45 AM
China stocks crash (more)
Plunge as State Support Fails to Revive Confidence
The sell-off in Chinese equities accelerated, with the Shanghai Composite Index closing down 5.9 percent to 3,507.19. The sell off could have been much worse except for two things. At least 1,331 companies -- equivalent to about 40 percent of China's stock market capitalization -- have suspended trading altogether and a further 747 hit their daily 10 percent down limit, halting further selling. Outside China, Hong Kong's Hang Seng Index plunged the most since 2008.
Plunge as State Support Fails to Revive Confidence
The sell-off in Chinese equities accelerated, with the Shanghai Composite Index closing down 5.9 percent to 3,507.19. The sell off could have been much worse except for two things. At least 1,331 companies -- equivalent to about 40 percent of China's stock market capitalization -- have suspended trading altogether and a further 747 hit their daily 10 percent down limit, halting further selling. Outside China, Hong Kong's Hang Seng Index plunged the most since 2008.
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