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Despite a spate of measures unveiled by the central government to rescue the market, Hang Seng Index plunged 1,313 pts at most to hit 24,750 pts in the afternoon session after edging up 19 pts at the open this morning. The index closed at 25,236, down 827 pts or 3.2%. Hang Seng China Enterprises Index tumbled 337 pts or 3% to close at 12,231. Market turnover climbed to $212.707 billion, the highest level in more than two months. Hang Seng Composite MidCap Index and Hang Seng Composite SmallCap Index dropped 5.5% and 8.6% respectively. The Hong Kong GEM Index plummeted 14.4%.

While nearly all Blue-chippers simmered into losses, WHARF HOLDINGS (00004.HK)  +0.400 (+0.774%)    Short selling $54.30M; Ratio 12.633%   bucked the downtrend with a gain of 0.8%. HKEX (00388.HK)  -24.800 (-9.546%)    Short selling $1.34B; Ratio 10.620%   saw a sharp fall of 9.5% and closed at $235, marking the biggest decline among blue-chip stocks, with turnover rising to $12.61 billion, a new high since 13 April 2015 ($18.94 billion). In addition, Goldman Sachs downgraded HKEX to Sell, with a target price trimmed to $220.

HSBC HOLDINGS (00005.HK)  -1.650 (-2.372%)    Short selling $43.95M; Ratio 1.529%   went down 2.4%. COSCO PACIFIC (01199.HK)  -0.270 (-2.632%)    Short selling $16.35M; Ratio 17.931%   sagged 2.6%. A-share ETF tracked the mainland's bourses and rebounded near the market close, with CSOP A50 ETF (02822.HK)  +0.580 (+3.994%)    Short selling $1.46B; Ratio 18.042%   , X ISHARES A50 (02823.HK)  +0.280 (+2.083%)    Short selling $1.00B; Ratio 12.557%   , and CAM CSI300 (03188.HK)  +1.450 (+2.959%)    Short selling $186.84M; Ratio 8.554%   mounting 4%, 2.1%, and 3% respectively.

Chinese financials hit soft spot. The four biggest banks drifted lower 1.3% to 3.4%. CHINA CINDA (01359.HK)  -0.150 (-3.713%)    Short selling $51.61M; Ratio 7.353%   slumped 3.7%. CHINA LIFE (02628.HK)  -0.700 (-2.171%)    Short selling $285.43M; Ratio 10.268%   and PING AN (02318.HK)  -4.000 (-4.040%)    Short selling $448.14M; Ratio 6.473%   tumbled 2.2% and 4% respectively.

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