China stocks return to bear territory

Late hour selloff after weaker than expected manufacturing PMI data dragged the Mainland China share market again into bear territory on Wednesday, 01 July 2015. The Shanghai Composite Index closed 223.52 points, or 5.23% down at 4053.70. The Shenzhen Component Index dropped 4.8% to close at 13650.82 points. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 3.5% to end at 2,759.41 points. The Shanghai index was off 22% from its mid-June high, pushing the index back into bear territory, defined as a 20% drop from a high. The index rallied 5.5% on Tuesday.

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