Why Chinese Tech Stocks Were Slipping Again Today
Shares of Chinese tech stocks were falling for the third session in a row Tuesday in the ongoing fallout from the Chinese government's crackdown on the for-profit education sector.
Oddly, Chinese tutoring stocks like New Oriental Education Group and TAL Education Group that had seen nearly all of their value wiped out over the last two days were gaining today as some investors saw the sell-off as a buying opportunity. However, big tech stocks like Alibaba Group Holding (NYSE: BABA), JD.com (NASDAQ: JD), and Full Truck Alliance (NYSE: YMM) were still down today as fear of spreading restrictions on big businesses in China continued to motivate investors to sell.
After falling sharply in the morning, these stock recovered some of their losses later in the session. Alibaba finished down 3%, JD was off 2%, and Full Truck Alliance had fallen 12.8%. At the same, the iShares MSCI China ETF was down 4%, the third straight session it's fallen 3% or more.
Source Fool.com
