"All lockdowns are difficult, I hope Malaysia does not suffer the same fate."
The current situation of the Covid-19 situation in China is seen to be getting worse with the latest, Beijing imposed a blockade (lockdown) throughout the city after Shanghai.
As a result, Chinese stocks listed in the United States (US) are in decline, further adding to concerns over the country's economic growth prospects.
During the pre-trading session, shares of Alibaba Group Holding Ltd led the decline by 3.1%, followed by Pinduoduo Inc falling 2.8%and JD.com Inc losing 1.4%.
In addition, Chinese electric car makers, Nio Inc and Li Auto Inc also experienced a fall.
It indirectly signifies China’s CSI 300 Index has slipped 4.9%, its lowest level in 2 years.
According to Aberdeen Asset Management’s Director of Investment, Adam Montanaro, with most other metropolitan cities heading in the same direction it has given a poor outlook to China’s economic growth.
Based on the current situation, US-listed Chinese stocks are under strong pressure with China’s Nasdaq Golden Dragon index falling 15% since Beijing pledged to stabilize the market on March 16.
Meanwhile, shares of Baidu Inc plunged 3% while shares of Zhihu Inc fell 5.8% after the Chinese government ordered the online platforms including Weibo Corp to upgrade their internet systems.
