Chinese Tech Stocks Near Bear Market as Tax Concerns Mount [Yahoo! Finance Canada]
TENCENT HLDGS UNSP/ADR (TCEHY)
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Source: Yahoo! Finance Canada
to the brink of a bear market, amid growing concerns that authorities may impose a tax on Internet firms. The Hang Seng Tech Index reversed an earlier gain to fall as much as 3.4% on Tuesday, briefly extending its drop to 20% from an October peak. Losses narrowed at the close, with the gauge ending down 1.1%. Kuaishou Technology, Baidu Inc. and Tencent Holdings Ltd. were among the biggest decliners. Most Read from Bloomberg The sudden drop was triggered by fears that the government may raise value-added taxes on Internet firms following a recent tax increase on telecommunication firms. The decline also followed volatility on Wall Street as doubts resurfaced about the tech sector's high valuations and reduced expectations for US interest rate cuts. After market close, state-backed Xinhua News Agency dismissed speculation of a potential levy for the gaming industry. The sharp reversal shows “that investors have become more sensitive to any negative worries, as Chinese stocks are
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