Hong Kong Stocks Lose Two-Decade Anchor Amid Tech Meltdown
- Hang Seng now below a trendline dating back about 24 years
- Regulatory risk, diplomatic tension from war hurt China stocks
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The implosion in Chinese technology stocks leaves strategists staring at chart patterns that few had thought possible.
Hong Kong’s Hang Seng Index slid Tuesday after hitting a six-year low a day earlier, while the 30-member Hang Seng Tech Index’s losses this week reached some 12%. The meltdown was sparked by the worry that Chinese firms could be ostracized if the nation is seen as helping Russia with its war in Ukraine.