Chinese technology stocks fell as a plan by Tencent Holdings Ltd.’s major backer to further cut its stake in the company fueled concerns more investors may look to take profits following a strong rally.
Tencent slumped as much as 5.8%, the most in nearly six weeks, after Prosus NV on Monday said it intends to sell more of the mobile gaming giant’s stake. JD.com Inc. — another firm in which Prosus sold stock — and Bilibili Inc., were among the other big decliners on Tuesday. “The tech stocks have had a good rally, so it’s not surprising for us to see people taking profit or rotating among sectors.”
A growing chorus of global investors including JPMorgan Asset Management and Goldman Sachs Group Inc. have turned more sanguine on Chinese tech giants, citing attractive valuations and supportive policies.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: News24 - 🏆 4. / 80 Read more »
Market loves surprise move by Naspers to narrow value gapShares skyrocket after Prosus retracts on Tencent sales to fund share buyback
Source: BDliveSA - 🏆 12. / 63 Read more »
MARKET WRAP: Naspers helps power JSE’s 2% recoveryShares in the market heavyweight rocket after it announces an open-ended buyback process
Source: BDliveSA - 🏆 12. / 63 Read more »