No dealer hedging panic from Hong Kong market plunge

China fears, not Grexit, see Hong Kong market rattled more than peer indexes

Market turmoil: index down 4.5%

Forced sellers funding margin calls in China caused a 1,000 point market plunge in Hong Kong that triggered a 30% intraday spike in volatility but dealers say there was "no panic" in hedging their derivatives books.

Hong Kong stocks had a turbulent day on July 6 with the benchmark Hang Seng Index plunging by 1,200 points, or 4.5%, only to recover to close about 900 points down. The Hang Seng China Enterprises Index (HSCEI) was down by 3%.

The moves were widely attributed to news of Greece voting

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