The rally in Chinese technology stocks and sector-related exchange traded funds is losing momentum as strict lock down measures in response to a zero-tolerance Covid-19 policy could weigh on revenue growth.
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China’s biggest technology companies were initially pummeled at the start of the week as Chinese regulators tightened their grip on the internet industry to rein in monopolistic practices, South China Morning Post reports.
“The bad news [on antitrust against tech giants]has been digested by investors,” Kingston Lin, managing director of asset management department at Canfield Securities in Hong Kong, told the South China Morning Post.
“The tech index rebound is short-term as investors are still concerned about the outlook, the lack of news and even bad news will weaken its momentum to further rise,” he added.
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