- Title: CHINA: China's stock market plummets in worst fall for two months
- Date: 7th August 2011
- Summary: SHANGHAI, CHINA (FILE - MARCH 2011) (REUTERS) VARIOUS OF PEOPLE LOOKING AT STOCK PRICES ON ELECTRONIC BOARD VARIOUS OF PEOPLE LOOKING AT STOCK PRICES ON COMPUTER SCREEN
- Embargoed: 22nd August 2011 13:00
- Location: China, China
- Country: China
- Topics: Economy
- Reuters ID: LVAF3RRN1TTBNBWCX5TWG8J8P472
- Story Text: China's main share index ended down 2.2 percent on Friday (August 5), to its biggest weekly fall in 2 months, after Wall Street experienced the worst sell-off in two years and concerns resurfaced over U.S. weak performance.
On Thursday (August 4), the Dow and the S&P tumbled more than 4 percent and the Nasdaq lost 5 percent on fears the United States was staring at another recession and Europe's sovereign debt crisis would swallow two of its largest economies.
The Shanghai Composite Index finished down 2.2 percent at 2,626.4 points on Friday, tracking the slump in global equities and extending its weekly losing streak into a third straight week.
"The Dow Jones industrial average index on Thursday plummeted to its biggest drop since 2008 by about 4 percent. It affected major Asian stock markets, including China's A share, which also experienced a sharp drop," said Zhang Gang, Chief Strategy Analyst of Southwest Securities.
The Hang Seng Index finished down 4.3 percent at 20,946.1 points, the lowest since September 1, 2010, while turnover at HK$125 billion was at its highest since November.
World stocks, which hit an 11-month low on Friday, are on track for their biggest weekly loss since November 2008 -- part of the chaotic period after the Lehman bankruptcy.
- Copyright Holder: FILE REUTERS (CAN SELL)
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