Today: 30 May 2025
23 January 2024
1 min read

China’s Stock Market Sees Worst Start Since 2016

Hong Kong’s benchmark Hang Seng Index fell 2.3 per cent on Monday, closing at its lowest level since October 2022…reports Asian Lite News

China’s stock market had a rough 2023 and the rout has accelerated in the first few weeks of the New Year, after Beijing dashed hopes that it might do more to support the struggling economy, a media report said.

Hong Kong’s benchmark Hang Seng Index fell 2.3 per cent on Monday, closing at its lowest level since October 2022. The index has lost more than 12 per cent so far this month, nearly as much as it lost in all of 2023, CNN reported.

Mainland China’s Shanghai Composite Index tumbled 2.7 per cent in its biggest daily drop since April 2022. The Shenzhen Component Index, a tech-heavy benchmark, had its worst day in nearly two years, plunging 3.5 per cent. The indexes have tanked 4.8 per cent and 7.7 per cent, respectively, in the first trading days of 2024, the report said.

It’s the worst start to a year for Chinese stocks since 2016, when investors were ditching their holdings following a market crash in 2015. A bubble popped as the economy showed signs of strain and share prices got way ahead of company profits.

In recent months, a real estate crisis, the slowest growth (outside the pandemic) in decades, and a crackdown on some businesses have all combined to undermine investor confidence.

Ken Cheung, chief Asian foreign exchange strategist for Mizuho Bank, said Monday that foreign investors were continuing to “reduce their risk exposure” to China and had “bearish expectations” for business conditions in the country.

ALSO READ: Wayfair to Cut 13% of Global Workforce

Previous Story

Airbnb, Uttarakhand Tourism Board Join Forces to Boost Untapped Destinations

Next Story

Aditya Pande to Lead InterGlobe Enterprises as Group CEO

Latest from -Top News

White House: Israel OKs Gaza Truce

Hamas said Thursday that its leadership had received a new Gaza ceasefire proposal from Witkoff through the mediators and was studying it…reports Asian Lite News The White House said that Israel has

Saudi backs India’s strategic outreach

In a series of engagements, the Indian delegation met Saudi Arabia’s Minister of State Adel Al-Jubeir and other senior officials. A high-profile Indian all-party parliamentary delegation, led by BJP MP Baijayant Jay

Iran pressed over 3 missing Indians

The embassy stated that it is maintaining close contact with the families and keeping them regularly updated about the steps being taken….reports Asian Lite News The Indian government has urged Iranian authorities

EU-UAE FTA talks amid US tariff pressure

Talks will also explore ways to boost trade in strategic sectors, such as renewable energy, green hydrogen and critical raw materials….reports Asian Lite News The European Union (EU) and the United Arab
Go toTop

Don't Miss

UAE Delegation Joins Canton Fair in China

The participation of the UAE delegation at the Canton Fair

‘China grabbing Bhutanese territory to outmanoeuvre India’

Reinforcing the Tibetan borderlands is a sensational intensification in China’s