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MSCI China Enters Bear Market After Tech Selloff; Alibaba Slumps

  • Leading decliners include Alibaba, Tencent and Meituan
  • Gauge fell into bear market last March after Covid-19 slump
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WATCH: China’s most widely followed stock benchmark tumbled into bear territory after a selloff in some of the nation’s biggest tech firms.(Source: Bloomberg)
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China’s most widely-followed stock benchmark tumbled into a bear market after a selloff in some of the nation’s biggest technology firms.

The MSCI China Index slid 3% Thursday, extending losses from its mid February high to more than 20%. This is the second time the gauge has fallen into a bear market in a little over a year. Last March, major equity benchmarks slumped following the spread of the Covid-19 pandemic.