The CSI 300 index fell 1.6% on Monday to close at its lowest point in nearly five years. Hong Kong’s Hang Seng Index fell 2.3% and is now close to its lowest closing level since 2009.
Updated January 23, 2024 01:17 CST
Chinese stocks continued to fall sharply on Monday.
Mainland China’s CSI 300 stock index fell 1.6%, closing at its lowest point in nearly five years. Hong Kong’s Hang Seng Index fell 2.3% and is now close to its lowest closing level since 2009.
Investors are increasingly worried about the state of the economy, with major stock indexes in mainland China and Hong Kong falling for several years. Even by those standards, this year’s start to the year looks bloody.
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Chinese stocks continued to fall sharply on Monday.
Mainland China’s CSI 300 stock index fell 1.6%, closing at its lowest point in nearly five years. Hong Kong’s Hang Seng Index fell 2.3% and is now close to its lowest closing level since 2009.
Investors are increasingly worried about the state of the economy, with major stock indexes in mainland China and Hong Kong falling for several years. Even by those standards, this year’s start to the year looks bloody.
— The Hang Seng Index has fallen 12% this year, making it Asia’s worst-performing major index, according to FactSet. The index was on track for its biggest monthly drop since October 2022. The index has many large Chinese companies as constituents.
— The Shanghai Composite Index fell more than 7% in January, its worst month since early 2022.
— Foreign investors have withdrawn $4.2 billion from mainland stock markets this year through a stock connect mechanism, compared with an inflow of $15.7 billion in the same period a year earlier, Wind data showed.
— The picture is equally grim for investors investing in U.S.-listed Chinese stocks; the Nasdaq Golden Dragon China Index is down 14% in 2024.
Other Asian stock markets were mixed on Monday, but moves were mostly muted. Japan’s Nikkei 225 hit another multi-decade high and closed up 1.6%.
2024-01-22 17:17:00
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