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| Turnover in HK stock market hits all-time high |
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| www.chinaview.cn
2007-02-28 20:15:37
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HONG KONG, Feb. 28 (Xinhua) -- Turnover in Hong Kong stock market Wednesday soared to an all-time high of 80.5 billion HK dollars from 65 billion HK dollars on Tuesday.
The Hang Seng Index tumbled 720.92 points, or 3.7 percent, to open at 19,426.95 and slipped to the day's bottom of 19,381.88. The index recovered part of its early losses as bargain hunting kicked in after the Chinese mainland stock markets rebounded.
By Wednesday, the Hang Seng Index has lost nearly 1,200 points combining Wednesday's loss and those in the previous three trading days.
Hong Kong shares were dragged down heavily Tuesday when the Mainland stocks tumbled more than eight percent, the deepest diving over the past 10 years.
The mainland share prices recovered 3.94 percent Wednesday as the government calmed jittery investors by quashing rumors about a looming capital gains tax.
Analysts said the plunge in both Hong Kong and mainland markets are a correction that is overdue, and some even said this is a buying opportunity.
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