China’s stock market had a rough 2023 and the rout has accelerated in the first few weeks of the new year, after Beijing dashed hopes that it might do more to support the struggling economy.

Hong Kong’s benchmark Hang Seng Index fell 2.3% Monday, closing at its lowest level since October 2022. The index has lost more than 12% so far this month, nearly as much as it lost in all of 2023.

Mainland China’s Shanghai Composite Index tumbled 2.7% in its biggest daily drop since April 2022. The Shenzhen Component Index, a tech-heavy benchmark, had its worst day in nearly two years, plunging 3.5%. The indexes have tanked 4.8% and 7.7% respectively in the first trading days of 2024.