Hong Kong Stocks Plunge 3% Amid Beijing Threats
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HONG KONG — Hong Kong’s stock market plunged more than 3% Monday after an early selloff provoked by Beijing’s blistering attack on Gov. Chris Patten’s plans for democratic reform.
The Hang Seng index nose-dived 249.6 points, or 4%, to a low of 6,012.94 shortly after the opening. But that drew in bargain hunters, and the market closed 200.07 points, or 3.19%, lower at 6,062.47.
Brokers said the plunge was triggered by an attack late Friday by Lu Ping, China’s top official responsible for Hong Kong.
Lu threatened to overturn Hong Kong’s Legislature, advisory Cabinet and judiciary when Beijing regained the colony in 1997 if Patten pushed ahead with proposed reforms in the British colony.
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