Chinese Internet Stocks Get Eviscerated
Chinese internet stocks are getting slammed on Tuesday and have been falling hard over the last 5 trading sessions. Last Friday, there was some chatter that there could be accounting irregularities at SINA Corp. (NASDAQ: SINA). Those rumors caused that stock to plunge on heavy volume. Investors are extremely wary of Chinese stocks right now after a string of reverse-merger Chinese companies trading on American exchanges turned out to be frauds.
Cautious sentiment is weighing heavily on leading names today. SINA has lost another 5% and is trading at $103.23. Baidu.com (NASDAQ: BIDU) is down 3.50% to $122.42, while E Commerce China Dangdang (NYSE: DANG) is off by 7.63% at $15.14. Rounding out the group is Youku.com (NASDAQ: YOKU) and Sohu.com (NASDAQ: SOHU), which are down 8.74% and 4.73% respectively.
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