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(AP)
Updated: 2007-02-28 08:55

SHANGHAI, China - Chinese stocks plunged nearly 9 percent Tuesday, their biggest drop in a decade, rattling markets from Hong Kong to Singapore and as far away as New York amid fears of a slowdown in China's economy.

An investor is seen in front of an electronic board at a stock trading hall in Shanghai in east China Tuesday, Feb. 27, 2007. Shanghai's benchmark stock index plunged nearly 9 percent on Tuesday, its biggest drop in more than 10 years, as investors unloaded stocks to lock in profits after recent gains. [AP]

Investors were also spooked by comments Monday from former Federal Reserve Chairman Alan Greenspan, who said a recession in the U.S. was "possible" later this year.

One day after sending Shanghai's benchmark index to a record, investors dumped stocks to lock in profits amid speculation about a fresh round of austerity measures from Beijing to slow the nation's sizzling economy. The Shanghai Composite Index tumbled 8.8 percent to close at 2.771.79, its largest decline since it fell 8.9 percent on Feb. 18, 1997.

Meanwhile, the price of oil fell on speculation that a slowing Chinese economy would slice into demand for fuel. A barrel of light, sweet crude was down 56 cents $60.83 in premarket trading on the New York Mercantile Exchange.

"The (rumors) that China is going to impose a capital gains tax resulted in regional markets falling," said S. Sharath, an analyst with MIDF-Amanah Investment Bank in Kuala Lumpur, Malaysia, where the benchmark index tumbled 2.8 percent.

But Greenspan's comments also took a heavy toll on Asian markets.

"Our economy is also dependent on the U.S. economy, if there is adverse news, exports from our country is going to drop," Sharath said.

In Hong Kong, the benchmark Hang Seng Index tumbled 1.8 percent, while Singapore's Straits Times index sank 2.3 percent. Markets in Japan and Taiwan, however, registered only modest declines.

The plunge spilled over to New York, where the Dow Jones industrials tumbled 416.02, or 3.29 percent, to 12,216.24. In London, the FTSE-100 dropped 2.31 percent, France's CAC 40 dropped 3.02 percent and Germany's DAX lost 2.96 percent.

Major Latin American markets closed sharply lower Tuesday. In Brazil, which depends heavily on exports such as steel, soy beans and iron ore, to China, Sao Paulo's Bovespa index finished off 6.6 percent, Mexico City's IPC index shed 5.8 percent, the IPSA index in Santiago, Chile ended down 5.0 percent, while in Buenos Aires, Argentina, the Merval dropped 7.4 percent. Chinese share prices doubled last year as investors piled into the market following the completion of shareholding reforms that helped to reduce worries over a potential flood of shares entering the market.

But stocks have been extremely volatile this year, with the Shanghai index notching one-day drops of 4.9 percent and 3.7 percent in January — before recovering to hit new highs. On Monday, it closed at a record 3,040.60.

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