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China: Stocks open sharply lower on first trading day of Lunar New Year

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[SHANGHAI] China stocks opened more than 2 per cent lower on Monday, as they played catch-up with bearish global markets after the week-long Lunar New Year holiday.

The CSI300 index fell 2.5 per cent to 2,888.79 points at 1:29 GMT, while the Shanghai Composite Index lost 2.8 per cent to 2,685.77 points.

Last week's holiday break shielded China stocks from the meltdown in global financial markets that was triggered by concerns over the health of European banks and growing worries about the global economy.

Hong Kong's Hang Seng index, which fell to a three-and-a-half year low on Friday, rebounded over 2 per cent at its open on Monday.

REUTERS