(Yicai Global) Sept. 9 -- China’s mainland stock markets morning rebound proved to be short lived as the major indexes were dragged down by wobbling investor confidence amid global sell-offs.

The US’ main stock market indexes continued their downward spiral yesterday once trading resumed after the long labor day weekend, as the likelihood of a quick economic recovery from the Covid-19 pandemic looks less and less likely. Major Asian indexes were also down today.

Tech growth stocks such as semiconductors and biotech firms fared the worst as investors cashed in their recent gains. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, closed down 4.80 percent at 2,523.40, its lowest closing point since July 3. Trading volume for the board, however, was at a record high.

The Star 50 Index, which follows tech stocks on Shanghai’s Nasdaq-style Star Market, ended the day down 3.46 percent at 1,298.08.

The large-cap heavy Shanghai Composite Index fell 1.86 percent to 3,254.63, while the Shenzhen Component Index dropped 3.25 percent to 12,861.75.

Editor: Kim Taylor