Shares slide for second day

February 28, 2007

Many global equity indices continued to fall on Wednesday after China's Shanghai Composite dropped almost 9 percent on Tuesday, its biggest decline in a decade, amid fears that Chinese authorities would crack down on stock market speculation. Though China's main market rebounded by nearly 4 percent on Wednesday, the tumble continued across Asia and Australia, and moved on to Europe where stocks were well down during early trading. However, many analysts welcomed the global-sell-off as a long overdue price correction.