Update: China Stocks Tumble to Four-Year Low After U.S. Sell-Off
Chinese stock markets saw their biggest daily drop in two and half years on Thursday, with two major mainland bourses tumbling to a near-four-year low. The plunge followed a sharp decline in the U.S., as China’s two main benchmarks fell further into bear territory on concerns about that country’s economic outlook.
The benchmark Shanghai Composite Index, the primary indicator of China’s stock market, closed down 5.22% at 2,579.58. The Shenzhen Component Index fell by an even-sharper 6.07% to 7,521.40. Hong Kong’s benchmark Hang Seng Index, which includes many Chinese companies, closed down 3.6% at 25,250.41.
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