China stocks fall on COVID-19 lockdowns
Yahoo Finance's Jared Blikre breaks down how Chinese stocks are trading.
Video Transcript
- Welcome back to Yahoo Finance Live. Lots moving on the Yahoo Finance platform. But Jared, let's start with the moves we are seeing in some of these China-focused stocks here off of China's decision to shut that key manufacturing hub in Shenzhen because of a COVID outbreak.
- I'll tell you what, the news out of China just keeps piling on. And on the YFi interactive, we can see the carnage continuing to mount for a lot of these companies. Kind of hard to see there, but jd.com, which was down 8 and 1/2% on Friday down another 10% in the early going here. Alibaba off 7%. Baidu off 10%. And you can see a lot of the price action in these names. This is a year to date. I'm going to sort by performance so we can really see what's going on. Most of these names down about half of their value, about 50% or more. So really keeping an eye on this. Laser focus. More news out of Tencent. In the hairs of regulatory officials there. So really going to continue to watch this and see how this develops.
- Yeah, Jared. Really, it's hard to see, a lot of these stocks have just been absolutely slaughtered here in recent weeks. DIDI, of course, top of mind. Do you see any-- where'd the buying activity go? There's really no one stepping up here and saying, we see value in these names.
- I've heard traders punting a few of these names, and it hasn't worked out very well, obviously. When you have the situation like this-- this is almost like the dot-com crash of 1999/2000, where the NASDAQ 100 lost about 90% of its value. That's what's happening with a lot of these stocks and shares right now. Golden Dragon Index, that's been printing minus 10% a couple of days in a row. You look at Hang Seng tech stocks, that index is suffering tremendously.
