As of this writing, the Hang Seng index is down 6% for the day, after dropping 4% yesterday. BABA is down almost 12%, after falling ~10% in US trading on Monday. These are very large moves.
The index is nearly back to 2011 levels, with some lows in 2017. It is down almost 40% YoY.
Don’t know what this means for markets as a whole, but this is some really crazy price action. The valuations of the included companies are not very high at all.
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