Why JD.com Stock Is Falling Again Today
JD.com (NASDAQ: JD) stock is losing ground in Friday's trading. The Chinese e-commerce and logistics company's share price was down 5.9% as of 11:45 a.m. ET, according to data from S&P Global Market Intelligence.
Bearish macroeconomic trends in China are continuing to weigh on valuations of companies based in the country, and JD continues to be caught up in the trend. In addition to unexpectedly sluggish growth as the country recovers from pandemic-related lockdowns, currency concerns are now adding another bearish catalyst.
The Chinese offshore yuan, which is used for transactions outside the domestic market, has seen its value tumble to the neighborhood of a 16-year low. The country's government is taking steps to boost its economy and strengthen its currency, but tumbling prices for China-based equities suggest that investors aren't optimistic that current and recently proposed measures will be enough to remedy the situation.
Source Fool.com
