China Shares
China shares move down in US
New York: Shares of Chinese firms listed in the US have slumped on concerns that President Xi Jinping will continue with his ideology-driven approach at the cost of economic growth.
Chinese technology giants Alibaba and Baidu fell by over 12 per cent in New York, BBC reported.
Investors fear the world's second largest economy will be held back by its tough coronavirus restrictions.
One analyst said Beijing was in a "tug-of-war" between measures to boost growth and its zero-Covid policies.
On Monday, shares in technology giant Alibaba closed 12.5 per cent lower on the New York Stock Exchange, after hitting a 52-week low earlier in the day, the BBC reported.
Internet company Baidu lost 12.6 per cent while e-commerce platform Pinduoduo plunged by almost 25 per cent.
It comes after China's ruling Communist Party wrapped up its twice-a-decade congress on Sunday.
During the week-long event President Xi, who secured a historic third term in charge, offered no timeline for the easing of the country's strict measures to slow the spread of the coronavirus, the report said.
The zero Covid policies have seen some of China's biggest cities being put into lockdown, including the financial, manufacturing and shipping hub of Shanghai.
On Tuesday, stock markets in Hong Kong and mainland China regained some ground after sliding the previous day.
(With UNI inputs)
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