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Asian stocks fall after US rating drop

08-08-2011 14:09 BJT

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Asian stocks dropped sharply today, as the first-ever downgrade of the US government's credit rating jolted the global financial system.

Chinese shares plummeted at midday. The Shanghai Composite Index tumbled 3.68 percent to 2,529 points, while the Shenzhen Component Index slipped 2.97 percent to 11,354 points1. Hong Kong's Hang Seng tumbled 4 percent to 20,109.

In South Korea, the Kospi slid 3.3 percent, and in Japan the Nikkei was down 122 points, a 1.3 percent drop by its midday break.

Elsewhere in the region, Australia's S&P/ASX 200 index dropped 1.8 percent, while the broader All Ordinaries index was down 2.3 percent.

In neighboring New Zealand, the benchmark NZX 50 index was down by 3.2 percent.

Singapore's benchmark dived 3.7 percent and Taiwan's market slid 2.6 percent.



Editor:Liu Fang |Source: CNTV.CN

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