China Tech Stock Gauge Falls to Record Low as Yields Rise
- Hang Seng Tech Index drops for a fifth consecutive day
- Chinese stocks ignore the rebound seen by the U.S. peers
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A benchmark tracking Chinese technology stocks closed at a fresh record low Wednesday, as concerns about inflation amid a worsening energy crunch pushed global bond yields higher.
The Hang Seng Tech Index, which officially launched in July last year, dropped 1.5% in a fifth day of declines to close below its previous Aug. 20 low. The rise in bond yields revived fears about the sector’s valuation, wiping out earlier gains in the benchmark following an overnight rebound in U.S. tech stocks.