Update: China Stocks Tumble After Weeklong Holiday Filled With Setbacks
China’s stock markets fell sharply on Monday when trading resumed after a weeklong holiday, despite the central bank’s weekend announcement that it will cut the amount of money banks must keep in reserve to boost economic growth.
The benchmark Shanghai Composite Index closed down 3.72% at 2,716.51, while the Shenzhen Component Index lost 4.05%, closing at 8,060.83. China’s markets were closed all last week for the National Day holiday. But during that time Hong Kong’s benchmark Hang Seng Index fell more than 4% on a string of negative news stories about the U.S.-China relationship. The Hang Seng Index declined 1.39% on Monday to close at 26,202.57.
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