Chip suppliers Denglin and Xinde Semi are set to begin trading in Hong Kong on Tuesday after raising a combined $301 million in their IPOs, entering the market at a time of extreme volatility especially for technology stocks
Chip stocks are down 7.4% this morning.
If today holds, it will be the 11th day this year the PHLX Semiconductor Index has fallen 5% or more.
That is already more than all of 2020 (10) and 2022 (8).
Since 1994, only four years had more: 2000 (31), 2001 (29), 2002 (25) and 2008 (12).
Three of this year's 11 have come in the last 11 sessions: Oct. 22, Oct. 30 and today.
The index is 35.0% below its June 22 record close.