Shares of major Chinese shipping companies plummeted amid fears of weakness in Europe, a critical export market. Hong Kong-listed China Shipping Container Lines Co. sank 5.2 percent. China COSCO Holdings Co. dropped 3.7 percent.
"The Chinese shipping sector is down sharply and continues to downtrend," said Linus Yip, a strategist at First Shanghai Securities in Hong Kong. "The market is not good right now, but I expect a technical rebound is coming."
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