Markets 18:36, 14-Mar-2022
China stocks slump on Monday as COVID-19 cases rise
CGTN
Chinese stocks plunged on Monday as more COVID-19 cases were reported across the country, while U.S. delisting risks and tech hub Shenzhen's lockdown sent Hong Kong-listed tech giants to a new low.
The benchmark Shanghai Composite Index was down 2.6 percent on Monday, its biggest daily drop since July 24, 2020.
After both Shanghai and Shenzhen announced lockdown over the weekend to control the rising COVID-19 cases, the CSI Tourism index plunged 6.3 percent, as investors fretted over the impact of strict control measures. It also led to a 3.1 percent fall in the blue-chip CSI300 index.
The smaller Shenzhen Composite Index fell 2.9 percent, and the start-up board, ChiNext Composite index, was 3.6 percent weaker.
The Hang Seng Tech Index shed around 10 percent Monday, with market heavyweights Alibaba and Tencent down a similar amount.
The Hang Seng index fell 5.0 percent to 19,531.66, the lowest since March 2016, while the China Enterprises Index lost 7.2 percent, to 6,555.55 points.
It extended the tech rout seen since last Friday, after the U.S. Securities Exchange Commission identified Chinese companies that will be delisted if they do not provide access to audit documents.
(With input from Reuters, AFP)