July 23, 2019 / 1:46 AM / 3 months ago

China's new Nasdaq-style STAR Market plunges on second day of trading

SHANGHAI, July 23 (Reuters) - China’s STAR Market kicked off its second day of trading on Tuesday with sharp falls in most listed shares a day after they posted average gains of 140%, underscoring the volatility of the country’s new Nasdaq-style board.

In early trade, 22 out of 25 listed companies on the board were trading lower, with some shares trading down as much as 18%. Micro-Tech (Nanjing) Co., a medical device company, bucked the overall trend, rising about 15%.

The debut of the STAR Market on Monday saw some shares climb as much as 520%, and more than doubled the board’s combined market capitalisation.

Reporting by Andrew Galbraith; Editing by Kim Coghill

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