MARKETS-ASIA/CLOSE China rout panics Asia, Greek worries smoulder

Record ID: 147947

  • Title: MARKETS-ASIA/CLOSE China rout panics Asia, Greek worries smoulder
  • Date: 8th July 2015
  • Summary: TOKYO, JAPAN (JULY 8, 2015) (REUTERS) TOKYO STOCK EXCHANGE (TSE) BUILDING SIGN READING (English): "JPX, TOKYO STOCK EXCHANGE" ELECTRONIC STOCK BOARD ALARMING AT CLOSING OF MARKET ELECTRONIC STOCK BOARD SHOWING NIKKEI AVERAGE CLOSING AT 19739.64 DOWN 638.95 TSE MARKET CENTER VARIOUS OF TSE STAFF WORKING VARIOUS OF ROTATING STOCK PRICE TICKER SEOUL, SOUTH KOREA (JULY 8, 2015
  • Embargoed: 23rd July 2015 13:00
  • Keywords:
  • Location: China
  • Country: China
  • Topics: General
  • Reuters ID: LVA8FTNWUUJPV1FRXAXPZVANY3UG
  • Aspect Ratio: 16:9
  • Story Text: Asian shares tumbled to a 1 1/2-year low on Wednesday (July 8) and the safe-haven yen rallied as Chinese stocks struggled to pull out of a tailspin, shaking investors already rattled by Greece's debt crisis.
    The Nikkei average fell 3.1 percent on Wednesday, its biggest all since March last year, to a seven-week low of 19,737.64, while the broader Topix shed 3.3 percent, its largest decline in almost a year and a half.
    South Korean shares fell 1 percent, marking their fourth consecutive losing session. The Korea Composite Stock Price Index (KOSPI) shed 1.18 percent to end at 2,016.21.
    The index has fallen 4.3 percent over the four sessions, the sharpest four-session percentage loss since June 25, 2013.
    China stocks meanwhile tumbled to four-month lows, as panicky investors dumped shares across the board, even as the government tried to unveil supportive measures throughout the day session to stop the plunge.
    To insulate themselves from the meltdown, more than 500 China-listed firms announced trading halts before the market opened, bringing the total number to around 1,300, almost half of China's roughly 2,800 listed firms.
    The CSI300 index .CSI300 of the largest listed companies in Shanghai and Shenzhen fell 6.8 percent, to 3,663.04, while the Shanghai Composite Index .SSEC lost 5.9 percent, to 3,507.19 points.
    Hong Kong stocks suffered their biggest one-day drop since October 2008, dragged down by another tumble on mainland exchanges, as well as bearish overseas markets amid fresh doubts that Greece can reach a bailout deal with Europe.
    The Hang Seng index plunged 5.8 percent to end at 23,516.56, the lowest close since January. The China Enterprises Index lost 6.1 percent in the biggest fall since September 2011, to 11,107.30 points, the lowest close since December.
    Though the Greek debt crisis was on the back burner on Wednesday, it continued to smoulder. Euro zone members gave Athens until the end of this week to propose reform measures in order to secure the funding it needs to stay in the euro zone.
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