China’s stocks are heading for an unprecedented third straight year of losses, as the world’s second-largest market reels from a slew of setbacks ranging from flopped reopening trade to faltering growth and unprecedented foreign outflows.
The CSI 300 Index has dropped 14 per cent so far this year, adding to a 22 per cent plunge in 2022 and a 5.2 per cent decline in 2021. The losing streak would be the longest on record for the gauge that tracks the biggest stocks on the Shanghai and Shenzhen exchanges.
This year has turned out to be topsy-turvy for traders, with the markets getting off to a strong start on sky-high expectations for the market after China scrapped three years of stringent Covid-19 curbs. Sentiment deteriorated after the initial excitement, as optimism about a strong post-pandemic recovery did not pan out as expected amid a continuing slump in the property market, Beijing’s underwhelming stimulus measures and…
