Chinese Stocks Get Another Drubbing as Uncertainty Overwhelms Investors
Chinese stocks listed on the mainland and in Hong Kong continued to get hammered Tuesday in a sell-off that persisted as investors shrugged off upbeat economic data and focused on geopolitical turmoil, regulatory risks and a resurgence of Covid-19.
The Chinese mainland’s benchmark Shanghai Composite Index (000001.SH) plunged 4.95%, the biggest drop since February 2020, while the Shenzhen Component Index (399001.SZ) fell 4.36%. Northbound trading — global investors’ trading of mainland stocks through the Stock Connect program linking Hong Kong and the mainland — saw a net outflow of around 16 billion yuan ($2.5 billion), following a six-day streak of net selling.
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