BEKE - KE Holdings stock dips after massive gain on Wednesday as volatility reigns
The rollercoaster ride is continuing for shares of KE Holdings (NYSE:BEKE -21.0%), which operates the popular Beike real estate mobile app in China, as the stock loses a fraction of the 64% surge it experienced a day earlier. Chinese tech stocks in general got a boost on Wednesday when the government pledged to support the nation's economic growth and companies that list overseas. It's a similar story for other Chinese tech-focused financial stocks. FinVolution (FINV), a lending platform, is down 12%; 360 DigiTech (QFIN), another consumer finance platform, dips 11%; online brokerage and wealth management platform Futu Holdings (FUTU) drops 10%; and UP Fintech Holding (TIGR), an online brokerage, slides 4.5%. For a broader view at Chinese tech stocks, KraneShares CSI China Internet ETF (KWEB) is off 12% in late morning New York trading. In September, SA contributor Monplanet Capital Management warned that KE Holdings (BEKE) may have a downside of close to 50%.
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KE Holdings stock dips after massive gain on Wednesday as volatility reigns