- Singapore-based e-commerce company Sea Limited ( NYSE: SE ) declined for a sixth straight session on Friday, approaching the 52-week low it hit on Thursday.
- Shortly after 1 p.m., Sea Limited ( SE ), which owns the Shoppee e-commerce portal, was down nearly 5% to $51.80 on 3.5M shares, compared to the average daily volume of just under 6.3M shares. On Thursday, shares hit a 52-week low of $51.39, a level not seen since April 21, 2020.
- Year-to-date, Sea Limited ( SE ) has declined nearly 77%
- The e-commerce sector has been hit hard in recent sessions, in particular over worries due to persistent inflation and a weak global economy.
- On Friday, the U.S. released its retail sales report for September, with the report showing flat spending in September in below estimates of 0.1% growth. Excluding automotive, retail sales ticked up 0.1%, ahead of estimates indicating flat growth.
- Last month, it was reported that Sea Limited ( SE ) was firing 3% of its Shopee employees in Indonesia due to worsening macroeconomic conditions .
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Sea Limited nears 52-week low, declines for sixth straight session