Chinese Stocks Fall to Lowest Since October on Tech Selloff

MT Newswires Live11-21

Chinese stocks took a beating on Friday as local technology and artificial intelligence companies joined a global selloff in the sector.

The Shanghai Composite Index, the main gauge of Chinese stocks, fell nearly 2.5% or by 96.16 points to 3,834.89. The Shenzhen Component Index slid more than 3.4% or by 442.75 points to 12,538.07.

The decline is the biggest since Oct. 17, Reuters reported Friday.

"Market sentiment weakened toward year-end on lower risk appetite and recent muted economic data," Reuters quoted analysts at Morgan Stanley as saying.

Shares of Shannon Semiconductor (SHE:300475) plummeted 13%, while those of Foxconn Industrial Internet (SHA:601138), Eoptolink Technology (SHE:300502), and Victory Giant Technology Huizhou (SHE:300476) fell 8% during market close. Zhongji Innolight (SHE:300308) finished 6% lower.

New energy stocks such as Ganfeng Lithium (SHE:002460) plunged 10%. Sungrow Power (SHE:300274) also fell 5%.

Meanwhile, the fall could in Chinese stocks could be attributable to the less-clear path for interest rates following the belated release of U.S. jobs data, Retuers reported separately.

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