On Wednesday 9th October 2024, Chinese stocks experienced a sharp decline, with the Shanghai benchmark plummeting by 6.6%
Hong Kong’s index fell by 1.5%, in contrast to the mostly positive performance of other global markets.
Beijing’s recently detailed economic stimulus plans did not meet the high expectations set after the central bank and other agencies announced measures aimed at revitalising the struggling property sector and accelerating economic growth.
The Shanghai Composite Index fell 6.6% reversing a 4.6% gain from Tuesday 8th October 2024 when it re-opened following a weeklong national holiday.
The CSI 300 Index, which follows the top 300 stocks in the Shanghai and Shenzhen exchanges, relinquished 7.1% – ending a 10-day winning streak.
In Shenzhen’s smaller market, the benchmark tumbled by 8.7%.
The Hang Seng index in Hong Kong dropped 1.5% – and this coming after a steep decline of over 9% the previous day.