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Chinese techs crash on the stock market on announcement of more regulation

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The State Administration of Market Regulation of China has announced a set of preliminary guidelines aimed at curbing monopolistic behavior on Internet platforms.

Shares of Chinese tech giants Alibaba, Tencent, JD.com, Xiaomi and Meituan They have crashed in the stock market on the news and have lost about $ 250 billion in market capitalization.

The great fall of these companies has been exacerbated by the great departure of investors from the technology sector, which also continued this Tuesday in Wall street, as the Dow Jones advanced almost 1%, but the Nasdaq fell more than 1%, weighed down by companies such as Zoom, Amazon, Alphabet, Microsoft, Salesforce or NVIDIA.

"Turnover is still evident in equity markets"said Rodrigo Catril, strategist at the National Australia Bank. The recent Pfizer and BioNTech vaccine development he has "prompted a reassessment of the outlook for next year", added this expert.

"The great technology that has benefited from our virus-driven behavior change (working from home is a prime example) is now falling out of favor, while small cap stocks and the ones that have been seen most affected by social distancing restrictions they are obtaining better results, "concluded Catril.

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