Prosus sale plan sends Chinese tech stocks tumbling

slumped as a plan by Tencent’s major backer, Naspers-controlled Prosus, to further cut its stake in the company fuelled concerns more investors may look to take profits following a strong rally.

“Tencent’s big shareholder sale is definitely hurting the whole market sentiment,” said Banny Lam, head of research at CEB International Investment. “The tech stocks have had a good rally, so it’s not surprising for us to see people taking profit or rotating among sectors.”The Chinese tech gauge has rebounded 43% from a record low in mid-March, as investors rotate back into the sector on bets that the worst of Beijing’s crackdowns — which triggered more than a year of heavy selling — is over.

Colombia Últimas Noticias, Colombia Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Chinese tech stocks fall after Naspers-owned Prosus announces share buyback planChinese tech stocks fell after a Naspers-owned Prosus announced a plan to sell some of its holdings and buy back its own shares.
Fuente: mybroadband - 🏆 11. / 67 Leer más »

Naspers, Prosus hit by earnings decline, to start selling off Tencent stake to fund share buyback | Fin24Naspers and its subsidiary Prosus will slowly be selling off parts of its stake in Chinese tech giant Tencent in order to fund an open-ended programme to repurchase its own shares. | Fin24
Fuente: News24 - 🏆 4. / 80 Leer más »

Chinese tech stocks fall after Naspers-owned Prosus announces share buyback planChinese tech stocks fell after a Naspers-owned Prosus announced a plan to sell some of its holdings and buy back its own shares.
Fuente: mybroadband - 🏆 11. / 67 Leer más »