China’s Slowdown Hammers Chinese Internet Stocks
Chinese Internet stocks are among the markets biggest losers today with the growth stock selloff. Sina Corp.’s (NASDAQ:SINA) stock fell hard this week after the Chinese government said it would increase regulations, but now the high flying sector is cooling on China’s slowing domestic growth. September China PMI declined to 49.4% versus an August number of 49.9%.
Sina’s (NASDAQ:SINA) stock is down 9.11% to $81.82 on the news. Shares are up 18.89% year to date. The stock has traded in a 52-week range between $48.50 and $147.12.
Other Chinese Internet stocks that got blasted on fears of a slowdown in China: Baidu (NASDAQ:BIDU), Sohu.com (NASDAQ:SOHU), Shanda Interactive (NASDAQ:SNDA), Youku.com (NYSE:YOKU), Netease.com (NASDAQ:NTES), Dangdang Inc. (NYSE:DANG), and RenRen (NYSE:RENN).