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Stock plunge due to Mainland volatility, Greek debt crisis: HK official

Xinhua, July 7, 2015 Adjust font size:

Hong Kong official ascribed stocks plunge on Monday to volatility in the Mainland market and Greek referendum result to reject bailout proposals.

Hong Kong's benchmark Hang Seng Index once sank more than 1,300 points, or 5 percent on Monday and closed down 3.18 percent at 25, 236.28 points, which was the greatest single-day drop since May 2012.

Speaking of plunge, Hong Kong's Secretary for Financial Services & the Treasury K C Chan told the media on Monday evening that Hong Kong's stock market, currency market and interest rate market are functioning smoothly.

It will take some time for the impact to reflect on the stock prices, Chan said, "I hope the market will soon become placid."

He said the region's government will keep monitoring market developments, adding that investors should be cautious in light of recent market volatility.

Hong Kong stocks opened higher on Tuesday at 25,391 points, up 155 points. It became volatile afterwards and the increase narrowed. Endi