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China: Stocks fall more than 1% in early trade

Monday, August 31, 2015 - 10:06
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China major stock indexes fell more than one per cent in early trade on Monday, after showing some signs of steadying on Friday on fresh government support.

[SHANGHAI] China major stock indexes fell more than one per cent in early trade on Monday, after showing some signs of steadying on Friday on fresh government support.

The CSI300 index was down 1.8 per cent at 3,281.55 points by 0131 GMT, while the Shanghai Composite Index fell a similar amount to 3,172.55 points.

China CSI300 stock index futures for September fell 0.4 per cent, to 3,123.8, 183.60 points below the current value of the underlying index.

The Hang Seng index in Hong Kong was up 0.8 per cent at 21,793.02 points.

Skittish markets are awaiting factory and service sector activity surveys from the world's second-second largest economy on Tuesday.

China shares have plunged some 40 per cent since mid-June.

While China's stock markets seldom reflect the true state of the economy, the plunge, coupled with Beijing's unexpected currency devaluation in mid-August, has fueled policy uncertainty and added to global fears that the economy may be at risk of a sharper slowdown than earlier expected.

REUTERS