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Bloomberg
Chinese tech and telecom stocks were the hardest hit on Monday as two tweets from US President Donald Trump soured the outlook on trade talks and sent global markets plunging.
A gauge of information technology stocks dropped 5.8 percent, the most since July 2015, leading the MSCI China Index lower. Telecom equipment maker ZTE Corp tumbled as much as 13 percent before paring the decline to 8.8 percent in Hong Kong, while Apple supplier GoerTek slumped by the 10 percent daily limit in Shenzhen.
MSCI China’s tech stocks gauge surged 34 percent this year through, the second-best performer, helped by earlier optimism over trade talks. The sector has become a trade war proxy as giants from ZTE to Huawei found themselves at the centre of an escalating technology rivalry between China and the US.