Chinese authorities have introduced a slew of legislation in the past few months, largely aimed at the tech stocks — a move that’s spooked investors and wiped out billions of dollars in value from the country’s internet giants.
Chinese Baijiu liquor stocks fell Thursday, on track for five-day losses in the wake of reported new regulation on the industry. The reports come as the central Chinese government has issued a raft of new announcements in recent months, some catching investors by surprise.
Hong Kong-listed Chinese tech stocks staged a huge rally Tuesday as investors got a little more clarity on the regulatory outlook and bought some of the names that have taken a beating in recent months.
Shares of the country’s largest infrastructure developer, Larsen & Toubro, rose as much as 2.35 per cent to hit record high of ₹ 1,660 on the BSE after the company announced that it has bagged an order from Technip Energies, which develops indigenous technology for the critical equipment.
Stock Market Live: The Indian benchmark indices, Sensex and Nifty traded lower on Monday dragged by selling in banks, FMCG, auto and financial stocks. Broader markets, smallcap and midcap indices traded over half a percent lower each. IT and metal stocks outperformed.
Sensex Today: The domestic stock markets have a gap-up opening, buoyed by the strong closing on Wall Street on Wednesday after the Federal Reserve said that the US economy is heading for its strongest growth in nearly 40 years.
US stocks gained today as inflation fears eased and investors prepared for the final passage of the $1.9 trillion stimulus bill. The Consumer Price Index, a key measure of inflation, gained 1.7% on a year-on-year basis, in line with economists’ expectations.