BEKE - Why TAL Education Group Kanzhun Limited and KE Holdings Are Falling This Week
2023-06-22 14:04:39 ET
Shares of many Chinese stocks fell this week as rate cuts by China's central bank failed to spark a rally and investors grew increasingly concerned that the country's economic rebound is running out of steam.
Shares of online tutoring company TAL Education Group (NYSE: TAL) traded more than 11% lower for the week as of 1:44 p.m. ET Thursday, according to data from S&P Global Market Intelligence . Meanwhile, shares of the online recruitment firm Kanzhun Limited (NASDAQ: BZ) traded 11.8% lower, while shares of the online real estate platform KE Holdings (NYSE: BEKE) were down 11.4%.
Earlier this week, the People's Bank of China (PBOC) lowered the yield on its one-year prime rate from 3.65% to 3.55% and cut its five-year prime rate from 4.3% to 4.2%. Lower interest rates encourage borrowing activity and the PBOC lowered other interest rates last week.
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Why TAL Education Group, Kanzhun Limited, and KE Holdings Are Falling This Week