Chinese Stocks Post Record 10-Week Losing Streak Despite 4.5% GDP Growth

Chinese stocks closed lower for a 10th consecutive week, the longest such run for the country’s major stock gauges. The CSI 300 Index fell about 3.4% last week to roughly 17% below its June peak, while the STAR 50 dropped nearly 40% in this half-year and the ChiNext was down 36%, with chipmakers MetaX and Moore Threads each losing around half their value. The selloff came as official data showed GDP grew 4.5% year on year in July-September, beating a 4.4% consensus and accelerating from 4.3% in the second quarter; first-nine-month growth was 4.6%, within Beijing’s 4.5%-5% target. Inflows into preferred exchange-traded funds surged last week to the highest since July, suggesting state-backed funds were trying to steady prices.