Selloff in US-Listed China Stocks Worsens on Covid, Growth Fears
- Golden Dragon Index fell for fifth day, closing at March low
- Beijing keeps Covid Zero policy; IMF cuts China GDP forecast
Baidu headquarters in Beijing.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Chinese stocks listed in the US tumbled for a fifth day, taking the Nasdaq Golden Dragon China Index lower for its longest losing streak since April, as investors assess the country’s bleak economic outlook and Beijing’s persistent Covid-zero policy.
The Golden Dragon fell 3.4% Tuesday, after plunging as much as 5.4%. It has declined 15% in the past five sessions and closed at its lowest level since March 15, when China announced a strong push to stabilize its markets and sparked a rally. Among large-cap tech companies in the index, Alibaba Group Holding Ltd. lost 4.9%, Baidu Inc. dropped 5.6%, Pinduoduo Inc. slid 4.4% and JD.com Inc. slipped 2.8%.