China's CSI300 index hits 1-year low amid AI-related stock pullback
Business
China's CSI300 index just hit its lowest point in a year, dropping for the 12th week in a row.
This slide is mostly because investors everywhere are pulling back from AI-related stocks.
Over the past three months, the index has fallen 14%, and October saw its sharpest monthly drop since July.
Mainland tech slump, Hong Kong gains
Mainland Chinese tech stocks took a big hit: indexes like STAR50 and CSI 5G fell as much as 1.8% and 6%.
Even US tech giants like Alphabet and Amazon saw similar dips over concerns about heavy AI spending.
Interestingly, Hong Kong-listed tech stocks managed to rise by 1.4%, while sectors like consumer staples and property developers advanced as investors looked for safer bets.