Chinese stocks are melting down again after worst week in years

Chinese stocks are melting down again after worst week in years

Feb 02,2024
London CNN  — 

Chinese stocks have had a very bad week.

Despite recent attempts by Beijing to shore up confidence in the economy and stem a protracted stock market slump that has wiped out $6 trillion in value in three years, investors are still rushing for the exit.

The Shanghai Composite index fell 6.2%, its biggest weekly loss since October 2018, while the Shenzhen Component index shed 8.1%, its largest drop in three years. The indexes have lost more than 8% and 15% respectively since the start of the year.

China’s blue-chip CSI 300 index, comprising 300 major stocks listed in Shanghai and Shenzhen, also fell 4.6%, notching its worst week since October 2022. The index is down 7% year-to-date.

In recent days, officials have announced several measures to try to boost the stock market, including vowing to further open up China’s $64 trillion financial industry to foreign investors.

A degree of calm was briefly restored last week but investors are still clearly worried about the trajectory of China’s economy. A record downturn in its dominant real estate market, high youth unemployment, deflation, and a rapidly falling birthrate are just some of the issues ailing the world’s second-largest economy.

This is a developing story and will be updated.

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