Chinese stocks listed in the United States fall after Alibaba disappointing.
Shares of major Chinese technology companies fell in New York after the Alibaba Technology Group announced a revised quarterly profit that was absent from expectations.
The company also warned in its profit call that due to the integration of investment and food distribution unit Ele.me and local service company Kobei, profit growth may slow in the near term.
The stock closed down nearly 3.2 percent in New York trading on Thursday, down more than 18 percent from its recent rally. This saves Alibaba out of the falling market area, but still in the correction.
Shares of other Chinese technology giants also declined, with KraneShares CSI China Internet ETF (KWEB) closing almost 2.3%.
Baidu online search company fell more than 1.5 percent and fell 22.8 percent of the recent rise, the market is down.
JD.com is also in a falling market, down 38% from its recent rise. The stock closed 2.9 percent lower on Thursday.
Another contestant, Viposhop, fell into 4.1 percent of online shopping. Netting Games and Internet lost about 2.5 percent and Sina Internet content company fell by almost 2 percent.
In general, US stocks closed slightly lower amid concerns about the US-China trade war and the legal issues of President Donald Trump.
Some of the winners in Thursday’s session were social networking YY, up 0.17 per cent, and Ctrip.com, a tourist reservation site, rose 0.23 per cent.
Alibaba’s report is almost a quarter of the disappointing Chinese technical giants, which is often compiled as “BETJ” (Baidu, Alibaba, Tenant and Jedi.com) and is one of the world’s largest internet companies.
Earlier this month, Hong Kong-listed Tencent reported the first decline in its profits in nearly 13 years, affected by falling gaming revenues amid increasing scrutiny by Chinese regulators in the industry. JD.com’s revenue grew at a slower pace than analysts had expected. However, Baidu achieved profits that outperformed Wall Street’s expectations.
Tencent shares fell more than 1 percent in Hong Kong on Friday morning amid declines in the Chinese mainland and Hong Kong stock markets.