(Bloomberg) — Chinese stocks ended another disappointing week, with a gauge of mainland companies listed in Hong Kong at the bottom of a global equity index ranking for this year. Locally, the slump in Chinese stocks is wreaking havoc on the country's asset management industry, pushing mutual fund closures to a five-year high. The Nasdaq Golden Dragon China Index slipped 2.2% at the start of US trading on Friday, marking its fifth consecutive day of losses. Overall, about $6.3 trillion has been wiped off the market value of Chinese and Hong Kong stocks since peaking in 2021, underscoring the challenge Beijing faces as it faces declining investor confidence. From a forward earnings forecast perspective, the MSCI China Index has never been cheaper than the S&P 500 gauge.

Source: Mint January 20, 2024 11:50 UTC