Stocks slumped on the mainland and in Hong Kong, with the benchmark CSI 300 Index dropping 3.2% and the Hang Seng Index tumbling 4.1%, the most since May last year. Steep losses in education stocks in the wake of a sweeping overhaul spilled over into other areas, with technology, health-care and property-related stocks falling. New Oriental Education & Technology Group Inc. plunged by a record 47% in Hong Kong. Friday was already a bloodbath for the sector in both Hong Kong and the U.S., after a leaked document circulated on social media. The Hang Seng China Enterprises Index, which include Hong Kong-listed mainland stocks, entered a bear market after falling 24% from a February peak.

Source: Mint July 26, 2021 09:11 UTC