BEIJING: Chinese stocks tumbled again Tuesday after their biggest decline in eight years while most other Asian markets rebounded from a day of heavy losses.
The Shanghai Composite, China’s main stock exchange, was down 4% at midday on Tuesday – it had dropped 8.5% on what state media have called China’s “Black Monday”.
Tokyo’s Nikkei index had a volatile day, closing 4% lower.
Other Asian markets opened lower on Tuesday, but recovered in later trade.
The Shanghai index opened 6.4% lower, but recovered slightly to end the morning session of trade down 4.3% at 3,071.06 points.
After decades of rapid growth, China is slowing down, and investors globally are worried that firms and countries which rely on high demand from China – the world’s second largest economy and the second largest importer of both goods and commercial services – will be affected.
