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The Hang Seng Index experienced a decline for the first time in a week, snapping a 6-day rally. This downturn was attributed to the exhaustion of the China frenzy, which had been fueled by China's stimulus efforts.
As of 11:05 am local time, the Hang Seng Index plummeted by 4 percent to 21,533.99, marking its largest drop in two years.
The Tech Index experienced an even steeper fall, dropping 7 percent.
Shares of Alibaba Group Holding decreased by 6 percent, settling at HK$108.20. E-commerce rival JD.com saw an 8.8 percent drop to HK$168.90, while search engine giant Baidu fell by 6.8 percent. Property developer China Resources Land also slid by 6.3 percent to HK$29.65.
Prior to today's decline, the stock market had surged by 23 percent, accompanied by record trading volumes, since Beijing announced its strategy to support the stock and real estate sectors on September 24.
Technical signals indicated a potential downturn from a 20-month peak, with the 14-day relative strength index of the Hang Seng Index exceeding 90, surpassing the 70-point mark that technical analysts often view as a warning sign.
Economists from Nomura, including Ting Lu, cautioned in a client note that the events of the past week reminded them of the significant bubble and subsequent crash in 2015. They stressed the need for a more realistic outlook given the current fragile state of China's economic fundamentals.
However, some analysts believe this downturn could be short-lived, anticipating that Beijing will introduce more aggressive policies to revitalize the struggling property market and enhance consumer confidence.
Goldman Sachs indicated that China's easing measures should be sufficient to maintain positive sentiment in the Chinese equity markets over a tradable period, citing low positioning, attractive valuations, and the likelihood of further supportive actions.
In other Asian markets, performance varied. Japan's Nikkei 225 Index gained 2.6 percent, while South Korea's markets were closed for a public holiday.
Reports suggest that additional support may be necessary to guide the economy out of its current difficulties, potentially leading to further policy interventions from Beijing.
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