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China and Hong Kong stocks sank amid EM market turmoil

Chinese stocks declined again on Wednesday. Shanghai Composite Index slid 1.7 per cent, testing 2700 mark. Shenzhen Component Index and Chinext lost 1.8 per cent and 1.7 per cent respectively. Big-capitalization stocks led the losses, with the SSE 50 index which tracks the 50 biggest stocks listed on the Shanghai Stock Exchange lost  2.4 per cent.

Hong Kong stocks tumbled amid the turmoil in the emerging markets. Hang Seng Index lost 2.6 per cent to close at 27,258. Losses are seen across the board, led by real estate developers, tech firms and oil companies. Tencent plunged over 4 per cent, bringing its market capitalisation under HK$300 billion.