After falling by a further 1.5% this morning, Hong Kong’s Hang Seng index has now fallen over 20% from its April 27 high of 28,558.
It has now moved from being in a technical correction to being in a bear market.
Year-to-date the index is down 3.42%.
While the fortunes of Hong Kong are largely determined by developments in China, in comparison, the benchmark Shanghai Composite index has risen by 15% over the same time period.
It would be interesting to see where the Composite would be trading had the government not stepped in to underpin the once free falling market.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.