China Stocks Plunge 8% – Don Lee
From the Los Angeles Times:
China’s volatile stock market took another beating today, with the Shanghai composite index plunging more than 8%. It was the second-biggest drop in a decade after an 8.8% decline in late February helped trigger a global sell-off.
Stock markets in Asia largely shrugged at the latest rout in Chinese shares, suggesting that investors overseas don’t see the decline as a bad omen for the nation’s booming economy. Hong Kong’s Hang Seng index was in positive territory. The Shanghai composite index has tumbled more than 15% since Wednesday, when the central government tripled its tax on stock trades to curb rampant speculation. Yet even after today, the Shanghai index is still up 37% for the year, on top of a 130% increase in 2006. [Full Text]