July 03 04:33
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- Mainland Stocks Extend Losses by Midday
The Shanghai Composite Index slid by 1.27% to 2,740.27 by the midday break, touching a 28 month-low and approaching its lowest level in nearly four years.
The benchmark equity index has been in bear market territory since June 26, losing 3.76% so far this week. The index has fallen for seven straight weeks, with blue-chips the biggest drag.
Worse-than-expected trade tensions between China and U.S., tight liquidity from a national deleveraging campaign and a weakening yuan are among the reasons for stocks’ poor performance.
The Shenzhen Component Index fell 1.78% on Tuesday morning, while Hong Kong’s Hang Seng Index, which is heavily populated with mainland companies, was down 2.73% after briefly dipping below 28,000 for the first time since October.