Stocks hit by China and Greece woes

Hong Kong’s main stock index dived 8% today as a sell-off in mainland Chinese shares accelerated despite new measures to support the market.

Other markets in Asia were also sharply down as investor sentiment was hit by the twin worries of the China rout and Greece’s uncertain future in the euro.

The Shanghai Composite Index ended nearly 6% lower at 3,507.19. The market turmoil in mainland China spilled over into Hong Kong, pushing down the benchmark Hang Seng Index nearly 2,000 points, or about 8%, to 23,019.85 about half an hour before the close of trading.

Japan’s Nikkei 225 fell 3.1% to 19,737.64 and South Korea’s Kospi lost 1.2% to 2,106.21.

A slew of official measures to provide support to Chinese stock markets have failed to stop the selling.

The Shanghai benchmark is down more than 30% since peaking June 12 after a sizzling year-long rally.

Millions of novice investors piled into the market when it was at its most frothy. Some made big profits but the slump has left many with shares worth less than they paid and hoping for a rebound so they can sell.