BEIJING: Chinese stocks plummeted further Tuesday morning amid intensified fears that the bull market is now over despite the market regulator’s latest remarks trying to buoy confidence. The Shanghai Composite Index SHCOMP, -0.01% tumbled 4.6% to 3,862.96, breaking below the 4,000 mark and wiping out all the gains since early April. The index had fallen for three straight days and officially entered bear-market territory as of Monday’s close. The Chinese securities regulator issued a statement on its official microblogging account Monday night, urging investors to remain calm and assuring that the risks from the margin-financing business are under control. In Hong Kong, stocks also came under pressures amid simmering concerns about the Greek debt crisis. The Hang Seng Index HSI, +1.21% reversed its opening gains to lose 0.3%, and the mailand-China-tracking Hang Seng China Enterprises Index HSCEI, +2.11% dropped 0.4%. Top underperforming stocks included real-estate developer Vanke Property Overseas Ltd. 1036, +0.67% (down 4.8%), rival Poly Property Group Co. 0119, +2.45% PHKIY, +0.00% (down 1.6%), and bourse operator Hong Kong Exchange & Clearing Ltd. 0388, +0.22% HKXCF, +1.43% (down 1.1%). Sino-British banking giant HSBC Holdings PLC 0005, +0.07% HSBC, -2.86% HSBA, -2.17% shed 0.6%, after reports said its exposure to Greece was about $6 billion, the largest among Europe’s banks, according to Bloomberg News. British lender Standard Chartered PLC 2888, +0.56% STAN, -2.84% also edged 0.2% lower.
