![The Shanghai Composite Index at market close on March 15, 2022 [CGTN-CFP]](https://i0.wp.com/usachinatrading.com/wp-content/uploads/2022/03/The-Shanghai-Composite-Index-at-market-close-on-March-15-2022-CGTN-CFP.jpg?resize=525%2C295&ssl=1)
Hong Kong stocks plunged more than six percent Tuesday, extending the previous day’s tech-fueled rout that came after China tightened measures to contain the latest outbreak of COVID-19 in the tech hub of Shenzhen. The Hang Seng Index shed 5.7 percent to 18,415.08 at market close. The Shanghai Composite Index dived 4.95 percent, or 159.57 points, to 3,063.97, while the Shenzhen Composite Index on China’s second exchange lost 4.36 percent to 11,537.24.
The Hang Seng Index dived five percent Monday and the Hang Seng Tech Index plunged 11 percent after China said it would tighten restriction measures in Shenzhen to contain a COVID outbreak. The tech index fell again Tuesday, shedding more than five percent, with market heavyweights Alibaba, JD.com and Tencent giving up between seven and 10 percent.
Shares saw a minor bounce in late morning business thanks to data out of China suggesting the economy started 2022 on a positive note. But the selling resumed in the afternoon as traders offloaded risk assets. Investors fear that the rising case numbers of COVID-19 in China will hurt the mainland’s economic growth in the first quarter. (With input from agencies)