China Stocks Erase All Reopening Gains as Property Woes Persist
- Foreigners sold most onshore stocks since August this week
- CSI 300 Index retreats 4.2% this week, biggest loss in a year
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Chinese stocks erased all the gains seen during their massive reopening rally that took off late last year, as persistent concerns about the health of the property sector help drive an unprecedented foreign outflow from the onshore market.
The CSI 300 Index fell 0.7% to end at 3,510.59 on Friday. The gauge at one point fell below its closing level on Oct. 31 last year, the day before frenzied speculation over Beijing’s abandoning of its stringent Covid curbs sparked an epic surge that lasted about three months. Investor pessimism over an uneven economic recovery and a weaker-than-expected rebound in consumption has since kept equities in a downtrend.