China Stocks Slide as Technology Selloff Deepens - Caixin Global
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The Shanghai index declined 1.6% to 3,707.5 on Thursday, while the tech-heavy ChiNext Index dropped 2.9%. Photo: IC
Chinese stocks fell sharply on Thursday as a selloff in technology shares left the benchmark Shanghai Composite Index just above 3,700.
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The Hang Seng Index tumbled 0.8%, or 200 points, to around 24,065 on Tuesday, as a selloff in technology stocks on Wall Street extended into Asia, with investors reducing exposure to artificial intelligence-related shares amid concerns over stretched valuations and the returns on heavy AI spending. Brent crude climbed to around US$105.90 per barrel amid concerns over Middle East supply disruptions and uncertainty surrounding the Russia-Ukraine energy truce, reigniting inflation concerns and reinforcing expectations that global interest rates could remain elevated for longer. Electronic and health technology stocks led the decline with Tencent (-0.3%), Genscript Biotech (-12.4%), Kingboard Laminates (-5.6%), Z. AI Co. (-5.3%), and Lenovo (-4.6%) among the notable laggards. Investors also looked to upcoming quarterly earnings reports for indications of corporate margins and underlying demand, while assessing whether AI-related spending could deliver sustainable returns.
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