Why TAL Education Group, Kanzhun Limited, and KE Holdings Are Falling This Week
Shares of many Chinese stocks fell this week as rate cuts by China's central bank failed to spark a rally and investors grew increasingly concerned that the country's economic rebound is running out of steam.
Shares of online tutoring company TAL Education Group (NYSE: TAL) traded more than 11% lower for the week as of 1:44 p.m. ET Thursday, according to data from S&P Global Market Intelligence. Meanwhile, shares of the online recruitment firm Kanzhun Limited (NASDAQ: BZ) traded 11.8% lower, while shares of the online real estate platform KE Holdings (NYSE: BEKE) were down 11.4%.
Earlier this week, the People's Bank of China (PBOC) lowered the yield on its one-year prime rate from 3.65% to 3.55% and cut its five-year prime rate from 4.3% to 4.2%. Lower interest rates encourage borrowing activity and the PBOC lowered other interest rates last week.
Source Fool.com
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