Here's Why Futu Shares Are Moving

Futu Holdings Ltd FUTU shares are trading lower by 3.92% to $50.28 during Monday's session. Shares of several Chinese stocks are trading lower after the US government shot down a balloon originating from China.

What Happened?

Our Benzinga team reported China and Taiwan are responding after the U.S. military shot down a Chinese spy balloon on Saturday off the coast of North Carolina.

President Joe Biden ordered for the three-bus-sized balloon to be shot down “as soon as possible,” which meant holding off on the operation until it was safely over waters.

While intelligence recovery efforts for the balloon are ongoing, on Friday the Pentagon confirmed a second Chinese balloon had been spotted over Latin America. More precisely passing over the Panama Canal and moving southeast over Venezuela...Read More

According to data from Benzinga Pro, Futu Holdings Inc has a 52-week high of $7.05 and a 52-week low of $1.26.