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China, Hong Kong stocks fall as ZTE plunge unnerves investors

reuters.com
China, Hong Kong stocks fall as ZTE plunge unnerves investors

China and Hong Kong stocks slid on Wednesday, as a slump in shares of telecommunications giant ZTE Corp sent shivers through the market, and as investors looked to the Federal Reserve policy decision later in the day. ** The CSI300 index fell 0.7 percent, to 3,798.70 points at the end of the morning session, while the Shanghai Composite Index lost 0.8 percent, to 3,056.69 points. ** The Hang Seng index dropped 0.6 percent, to 30,910.60 points, while the Hong Kong China Enterprises Index lost 1.0 percent, to 12,090.43. ** Chinese telecommunications giant ZTE Corp had about $3 billion wiped off its market value as it resumed trade on Wednesday, after agreeing to pay up to $1.4 billion in penalties to the U.S. government.