The bloodbath continues for Hong Kong tech stocks
The Hang Seng bleeds further after yesterday's 4% decline
The drop today takes out a couple of key technical levels, with the trendline support and December low from last year both taken out as HK tech stocks continue to tumble with the Hang Seng tech index slumping by as much as 5% on the day.
The drop sees the selloff continue as China aims to introduce new regulatory measures targeting the technology and property sectors in particular.
So far, the drop and negative risk sentiment is largely contained to China, with mainland stocks also impacted by new rules reining in the private tutoring sector i.e. education.