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China's tech gauge falls to record low
Mint Mumbai
|October 24, 2023
China's gauge of tech equities fell to the lowest since its inception more than three years ago, worn down by concerns over higher US rates' impact on global liquidity and a weak export outlook.
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The Star 50 Index is down as much 1.9% Monday, set for a sixth month of decline. Cambricon Technologies Corp plunged as much as 17%, leading the decliners on the gauge. Chipmakers ASR Microelectronics Co. and Loongson Technology Corp. each dropped at least 5%.
Chinese markets are seeing waves of selling as the country struggles with economic growth, and exports falter with high global interest rates affecting demand. The Hang Seng Tech Index, which also tracks listed Chinese companies, has dropped 11.3% this year.
Diese Geschichte stammt aus der October 24, 2023-Ausgabe von Mint Mumbai.
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