Uncertainty over Greece’s debt crisis battered global stocks on Monday morning, as the troubled country dealt with bank closures and placed limits on ATM withdrawals.
The global sell-off was particularly poorly timed for the Chinese stock market, which retreated into a bear market early Monday after the country’s central bank cut interest rates over the weekend in a move meant to bolster the market. China’s stock market, which fell more than 7% on Friday, started this morning moving upward before quickly reversing, leaving the market down more than 20% from highs earlier this month.
The Shanghai Composite index ended the day down 3.3%, while the Shenzhen exchange closed down more than 6% and Hong Kong’s Hang Seng dropped 2.6%.
The recent sell-off has hit several large Chinese companies particularly hard, with train maker CRRC Corporation’s stock down more than 50% from its peak price, according to The Wall Street Journal
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