Chinese Stocks drop below critical support level pic.twitter.com/hoZwgqpoIZ
— Win Smart, CFA (@WinfieldSmart) September 3, 2024
Chinese stocks have indeed dropped below critical support levels recently. The Shanghai Composite Index fell by up to 0.6%, slipping below the crucial support level of 2,800. This decline was led by significant drops in major banks like the Agricultural Bank of China Ltd. and the Industrial & Commercial Bank of China Ltd., each retreating by at least 4%.
This downturn has also affected Chinese firms listed in the U.S., with companies like Alibaba, JD.com, and Baidu experiencing pre-market declines. The broader selloff is attributed to investor disappointment over first-half results and ongoing economic concerns.
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