Back in January, the gauge of Hong Kong-listed Chinese stocks was rising at the fastest pace among major indexes, with a blistering 16% surge that included a record 19-day winning streak. Sellers were hard to find as investors feared missing out in a rally that few saw ending anytime soon.

Now the 50-member gauge of some of China’s largest companies has entered a bear market, having tumbled more than 20% from its peak that month. Concerns about the nation’s economy are again in the forefront of investors’ minds, while a weakening currency is reviving fears of a competitive devaluation amid risk of a trade war. The slump in domestically traded shares is also becoming too great to ignore, with the Shanghai benchmark sinking to a two-year low.

The Hang Seng China index was down 2.2% at the close, the lowest since September. In a mirror image of January’s hype, superlatives are easy to find. The measure has fallen for nine of the past 10 days, while its relative strength is the lowest since a rout at the start of 2016.

Industrial & Commercial Bank of China Ltd., one of the nation’s biggest companies, has fallen for a record 13 days. Air China Ltd. has lost 26% in a 10-day retreat as the depreciating yuan boosted the repayment cost of airlines’ dollar-denominated debts. Tencent Holdings Ltd., last year’s superstar, has unbuckled from a global tech rally with a US$120 billion slump. Ping An Insurance Co. which more than doubled in 2017, has tumbled 12% this year.

The Hang Seng Index, which includes non-Chinese companies, has fared a little better. The gauge has lost 14% from its January high, helped by gains in Hong Kong firms such as Hang Seng Bank Ltd. and Wharf Real Estate Investment Co.