Why Tencent Stock Is Plummeting Today
(OTC: TCEHY) stock is sinking in Tuesday's trading. The Chinese technology and media giant's share price was down 8.4% as of 2:45 p.m. ET, according to data from S&P Global Market Intelligence.
Chinese stocks are losing ground today following indications that additional economic stimulus from the country's government won't be forthcoming in the near future. Tencent and many other China-based companies saw their valuations surge late in September after new stimulus initiatives were announced, but momentum is fading as investors are becoming more skeptical about the scope of the economic support.
Chinese economic officials indicated today that they are confident in the country's ability to hit economic growth targets for this year. Economic planning chairman Zheng Shanjie said that the country would be shifting $28.36 billion from 2025's budget to be spent this year in order to promote infrastructure investment projects and support local governments. But investors had been anticipating more substantial measures.
Source Fool.com
Tencent Holdings Ltd. Stock
Our community is currently high on Tencent Holdings Ltd. with 4 Buy predictions and 1 Sell predictions.
With a target price of 55 € there is a slightly positive potential of 2.23% for Tencent Holdings Ltd. compared to the current price of 53.8 €.
