This year’s first bull market in China’s stocks perished after just 69 trading days.
The tech-heavy ChiNext Index slumped 2.4% Thursday, taking its decline since an April peak to 20%. The glum end to a holiday-shortened week was widespread across Chinese stocks, threatening the longest calm spell in months. Average daily turnover sank to the lowest since February, with concern over valuations and a rival tech board’s impact on liquidity also keeping dip buyers away. The ChiNext’s last bull run ended in 2017 after 200 days.