EWEB - The sell-off in JD.com has taken these ETFs with it
Thursday's sharp post-earnings decline in shares of JD.com (NASDAQ:JD) put pressure on a series of ETFs tied to China's internet and e-commerce sectors. The sell-off included a substantial drop in the Invesco Golden Dragon China Portfolio ETF (NASDAQ:PGJ) and KraneShares CSI China Internet ETF (NYSEARCA:KWEB). PGJ and KWEB both showed declines of about 10% in Thursday's midday trading. With the retreats, both ETFs also reached new intraday 52-week lows. The slump in the ETFs coincides with a nearly 14% slide in JD following the release of the Chinese e-commerce giant's quarterly results. The company's non-GAAP earnings beat expectations. However, revenue growth slowed to 23%, a figure that failed to top analysts' consensus. Meanwhile, on a net basis, the company posted a quarterly loss. Disappointment over the results sent JD lower by $9.22 in midday trading, with the stock reaching a level of $53.18 at about 11:30 a.m. ET. Earlier in
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The sell-off in JD.com has taken these ETFs with it