China Blue-Chips Post Biggest Weekly Drop in 3 Months on Regulatory Curb Worries

SHANGHAI — China’s blue-chip stock index fell on Friday, notching its biggest weekly loss in three months, as local and foreign investors worried about U.S. and Chinese regulatory restrictions and a global resurgence of COVID-19 cases. ** At the close, the Shanghai Composite index was down 1.16% at 3,632.36 points. ** The blue-chip CSI300 index was down 1.59%. The index lost 1.99% for the week, its biggest weekly drop since mid-September. ** Adding to tensions between the United States and China, Washington on Thursday put investment and export restrictions on dozens of Chinese companies, including top drone maker DJI, accusing them of complicity in the oppression of China’s Uyghur minority or helping the military. ** Washington still has not decided whether to block more sales of U.S. technology to Chinese chipmaker SMIC, sources told Reuters. SMIC shares were up nearly 1.8% in Hong Kong on Friday afternoon, but have fallen nearly 13% this month. Read More