Trade-War Turmoil Hits Top Chinese Internet Stocks As Alibaba Falls

Top Chinese internet stocks Alibaba Group (BABA), Baidu (BIDU) and BitAuto.com (BITA) were among the casualties on Monday as markets worldwide fell on growing fears that a U.S.-China trade war will escalate.
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New York-listed shares in e-commerce giant Alibaba fell 5.3% to 191.25 on the stock market today. Internet search leader Baidu slipped 3.3% to 250.41. BitAuto dropped 3.2% to close at 23.46.
JD.com (JD) fell 4% to 39.18, while 58.com (WUBA) plunged 9.9% to 70.56. Momo (MOMO) fell 5.1% to 48.17.
Huya (HUYA) and iQiyi (IQ) plummeted 12.2% to 31.49 and 9.4% to 32.88, respectively.
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Chinese Internet Stocks Outperform
Many Chinese internet stocks have outperformed in 2018.
U.S. technology stocks also traded down sharply on Monday. The Nasdaq sank 2.1% to finish at 7,532.01.
The U.S. may bar Chinese companies from investing in U.S. technology companies, reports said.
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