Hang Seng Tech Index Slides Toward Lowest Since 2020 Inception
- China tech stocks reverse gains as risk-off sentiment returns
- Global market turbulence weighing on high-value growth stocks
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Chinese tech stocks slid as concerns about the Federal Reserve’s aggressive rate hikes and lingering regulatory risks mired the sector’s outlook.
The Hang Seng Tech Index fell 1.2% on Thursday after briefly touching the lowest since its 2020 inception, dragged by shares of Xiaomi Corp. and Lenovo Group Ltd. The benchmark Hang Seng Index fell 0.5% to the lowest since October 2011.