SHANGHAI: China’s tech-heavy ChiNext stock gauge entered a bear market as the pressures of the trade war, the expected start of a rival board and evaporating investor interest weighed on sentiment.
The index fell 2.4% yesterday, taking its decline from an April high to beyond 20%, which marks the start of a bear market. The ChiNext was the first major equity gauge in China to enter a bull market in late February, as investors wagered that liquidity conditions would be eased because the economy showed signs of slowing. It’s now the first to enter a bear market, at the end of a shortened week as markets are closed Friday for a holiday.
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