The collapse affected almost all sectors of the economy, but mainly affected the sale of alcohol, tourism and drugs.
Shares of Chinese companies on Monday, March 20, fell against the background of Chinese President Xi Jinping’s trip to Russia. This is confirmed by the data of the Hang Seng Index, as well as the Hang Seng TECH Index (stock indices of the Hong Kong Stock Exchange, the latter showing shares of Chinese technology companies).
Some media outlets said SI’s three-day trip to Russia “has been costly” to China’s economy.
Hong Kong stock exchange infographic
In particular, according to the related infographic, shares of companies operating in the sale of alcoholic beverages, tourism, pharmaceuticals, air travel and telecommunications fell the most: 4.77%; 3.59%; 3.71%; 2.93% and 2.91% respectively.
At the same time, regarding oil and gas products and banks, in these cases the fall was 1.93% and 1.68%, respectively.
American media CNBC said markets in the Asia-Pacific region fell sharply after UBS agreed to acquire its banking rival Credit Suisse for $3.25 billion.
The Hang Seng Index fell 2.74% and led healthcare stocks. Hang Seng Tech Index – by 2.66%.
In mainland China, the Shanghai Composite fell 0.48% to 3234.91, while the Shenzhen Component rose 0.27% to close at 11247.13.
As you know, on Monday, March 20, Xi Jinping arrived on a three-day visit to Russia. The main program is scheduled for Tuesday, March 21st.
Recall that on March 19, the largest Swiss bank UBS announced the acquisition of Credit Suisse, which was in a difficult financial situation. Shares of Credit Suisse fell to their lowest level ever after a Saudi investor refused to increase his stake in the bank.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.