Half a trillion dollars wiped from China markets in a week as clampdowns shatter confidence | Malay Mail

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Half a trillion dollars wiped from China markets in a week as clampdowns shatter confidence | Malay Mail
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SHANGHAI, Aug 20 — China’s tech stocks slumped to new lows today and Hong Kong’s benchmark index hit an almost 10-month trough, as an unrelenting series of Chinese regulatory crackdowns crushed investors’ confidence. More than US$560 billion (RM2.4 trillion) in market value has been wiped...

SHANGHAI, Aug 20 — China’s tech stocks slumped to new lows today and Hong Kong’s benchmark index hit an almost 10-month trough, as an unrelenting series of Chinese regulatory crackdowns crushed investors’ confidence.

Stocks in Shanghai also fell, while investors sold risky corporate debt and the Chinese currency. The yuan was poised for its biggest weekly loss in two months as investors rushed to safety amid global coronavirus concerns. “There isn’t really one trigger, but many bits and pieces that add to the narrative to stay away from China,” said Dave Wang, a portfolio manager at Nuvest Capital in Singapore.

On the heels of crackdowns spanning from steelmaking to e-commerce and education, the moves are sapping faith in a market that seems yet to find a floor after months of selling. E-commerce titan Alibaba’s Hong Kong shares fell 2.6 per cent to a record closing low and have halved from an October peak. Internet giant Tencent touched a 14-month low and food deliverer Meituan hit a one-year low.

“Tencent and Alibaba wouldn’t be trading around 20 times earnings if the general mood around them was optimism,” said Tariq Dennison, managing director at GFM Asset Management in Hong Kong, who was actually a buyer of both today.

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