July 23, 2012 (Chinavestor) Stocks tumbled globally as Greece's debtors turned skeptic about the country's ability to make good on payments. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 587.3 points or 3.1%, the second largest drop for the year. Stocks in Shanghai fared better, sending the Shanghai Composite index (SHA:000001) 27.2 points or 1.3% lower for the day.
The decline was universal in Hong Kong where each and every component of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI) fell. Along the main gauge of the exchange, each and every component of the Xinhua 25 Index ended the day in the red, as well. This bodes ill for the iShares FTSE/Xinhua China 25 index (NYSE:FXI) ahead the opening bell in New York.