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Chinese stocks such as Alibaba Group Holdings Ltd. (NYSE:BABA) and Li Auto Inc. (NASDAQ:LI) witnessed a pre-market slump, a reaction to a notable fall in the Shanghai Composite Index.
What Happened: The Shanghai Composite Index plunged by up to 0.6%, slipping below the crucial support level of 2,800. As per Bloomberg, this downturn was spearheaded by banks, including the Agricultural Bank of China Ltd. and Industrial & Commercial Bank of China Ltd., which each retreated by at least 4%.
Subsequently, Chinese firms listed in the U.S. experienced a pre-market dip on Tuesday, as per Benzinga Pro data. Alibaba saw a 1.75% dip, while its rivals JD.com Inc. (NASDAQ:JD) registered a 1.37% decline and Temu-parent PDD Holdings (NASDAQ:PDD) dropped by 1.60%.
Chinese internet giant Baidu Inc. (NASDAQ:BIDU) was also down by 1.44%. Chinese EV maker Li Auto Inc.(NASDAQ:LI) showed one of the highest declines at 3.44% while other EV makers like XPeng Inc. (NYSE:XPEV) and NIO Inc. (NYSE:NIO) remained largely unaffected.
Francis Chan, an analyst at Bloomberg Intelligence, suggested that the selloff could be a result of disappointment over first-half results, with five out of six state banks reporting profit declines. He also noted that some investors might be cashing in after the sector outperformed the broad market this year.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Image via Shutterstock
