LONDON: International investors were feeling bruised and uncertain on Tuesday as a third day of heavy selling hammered China's top tech stocks and began to seep into currency and debt markets.
In US trading, the Nasdaq Golden Dragon China benchmark of Chinese tech stocks listed in New York fell another 6 per cent, taking its losses since Friday past 20 per cent and wiping US$500 billion off its value. China is readying a Personal Information Protection Law which calls for tech platforms to impose stricter measures to ensure secure storage of user data.
U.S. ETF firm ARK Invest, headed by celebrity fund manager Cathie Wood, said it had dumped shares of Alibaba, Baidu, JD.com, Tencent, KE Holdings and Byd. Tencent and Alibaba account for 10 per cent of MSCI’s US$8 trillion Emerging Market index. Chinese firms make up around 37 per cent of the index, up from 17 per cent a decade ago.
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