Three Chinese fintech stocks gained more this week as the country’s authorities softened their zero-covid-19 outlook, while the biggest loser was a Canadian bank that reported disappointing results.
Those stocks appeared long The sector, as a whole, ended the week flat, and the XLF ETF was almost unchanged.
Lufax Holding (NYSE: LU) stock, 40% increase in the last week of Dec. 2, ranked highest, followed by 360 DigiTech (NASDAQ: QFINup 29%, and Futu Holdings (NASDAQ: FUTU), up to 26%. China’s tech stocks, in general, rose during the week as the government signaled it would take action against the outbreak.
Five winners were made by a Chilean bank
Itaú Corpbanca, size 13%and premium auto insurance Hagerty (NYSE: HGTY), at 12%.
Company proposal Canadian Imperial Bank of CommerceNYSE: CM) property down 9.4% during the week after posting weaker-than-expected Q4 earnings;
Alternative asset manager TPG (NASDAQ: TPG) down 7.2%,
Opinions of the company Paypal HoldingsNASDAQ: PYPL) down 6.8% at the time of purchase;
Opinions of the company Western Alliance BancorporationNYSE: WAL) has fallen 6.3%; and
Asset manager Blue Owl Capital (NYSE: OWL) down 6.1% for a week.
While Credit Suisse (NYSE: CS) stock fell for a week after the company announced a big outflow at the beginning of Q4, it rebounded at the end of the week when its chairman said that the outflow had stopped significantly. As a result, it ended up being the financial sector with the sixth largest decline of the week, with a fall of 5.9%.
SA Bamboo Works analyst discussed Lufax’s ( LU ) Q3 earnings decline as the company made more selective borrowers.