Wednesday, August 15, 2018

Chinese tech stocks enter bear market

Chinese technology stocks parted company with U.S. peers long before Wednesday, when they dropped after Tencent Holdings Inc. reported its first earnings decline in a decade. The Invesco China Technology exchange-traded fund started this month in a bear market after sliding more than 20 percent from a peak on Jan. 26. Wednesday’s slump extended the loss to 30 percent. The larger drop contrasted with a 4.9 percent gain for the Invesco QQQ ETF, tracking the Nasdaq-100 Index, in the same period.

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