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Shanghai Composite sees sharp fall | |
(about 1 hour later) | |
Shares in China fell sharply on Tuesday, as investors took profits after recent strong rises. | |
The Shanghai Composite ended the day down 94.83 points, or 3%, at 3,032.61, while in Hong Kong the Hang Seng index fell 74.88 points to 23,333.69. | |
Shares in property developer Dalian Wanda fell 2.6% on its first day of trading, after the biggest Hong Kong listing since 2010. | |
Concerns about debt and a high valuation weighed on its share debut. | Concerns about debt and a high valuation weighed on its share debut. |
In general, trading was thin across Asia with the region's biggest market - Japan - closed for a public holiday. | |
In Australia, the S&P/ASX 200 index closed down 1.1% at 5,380.9 after having recorded sharp gains in the three previous trading sessions. | In Australia, the S&P/ASX 200 index closed down 1.1% at 5,380.9 after having recorded sharp gains in the three previous trading sessions. |
News that Western Australia state, once the "economic engine" of the country, recorded its first budget deficit in 15 years as royalties from iron ore plunged, hit confidence among investors. | News that Western Australia state, once the "economic engine" of the country, recorded its first budget deficit in 15 years as royalties from iron ore plunged, hit confidence among investors. |
Shares of Telstra fell 0.7% on the news that the telecoms giant would buy Pacnet, Asia's biggest private owner of submarine communication cables, for $697m. | Shares of Telstra fell 0.7% on the news that the telecoms giant would buy Pacnet, Asia's biggest private owner of submarine communication cables, for $697m. |
In South Korea, the benchmark Kospi index closed down 0.2% at 1,939.02. | In South Korea, the benchmark Kospi index closed down 0.2% at 1,939.02. |