Lufax, Futu, 360 Digitech move higher on a flat week in financial stocks (NASDAQ:QFIN)
China’s three fintech stocks top this week’s financial gain as the country the government softens Their COVID-free stance, while financial stocks fell the most was a Canadian bank that reported disappointing earnings.
Those stocks stand out while Overall, the sector ended the week flat, with the XLF ETF being almost unchanged.
The Lufax Foundation (NYSE:QUALITY) share, 40% increase for the week ending December 2, the biggest increase, followed by 360 DigiTech (NASDAQ:QFIN), up 29% and Futu Holdings (NASDAQ:FUTURE), up 26%. Overall, Chinese tech stocks climb during the week as the government has indicated it will take a more pragmatic approach to the pandemic.
The top five have been rounded up with the Chilean bank
Itau Corpbanca, increase 13%and classic car insurance company Hagerty (NYSE:HGTY), up 12%.
Royal Canadian Bank of Commerce (NYSE:CM) share slip 9.4% in the week after posting Fiscal Q4 earnings weaker than expected;
TPG Alternative Asset Manager (NASDAQ:TPG) down 7.2%,
Organize Paypal (NASDAQ:PYPL) down 6.8% during the festive shopping season;
Western Union Corporation (NYSE:WAL) reduce 6.3%; and
Blue Owl Capital Asset Management (NYSE:Owl) down 6.1% in Week.
While Credit Suisse (NYSE:CS) stock fell for most of the week after the company reported a large amount of cash outflows at the beginning of the fourth quarter, it increase again at the weekend after its president said the outflow had stopped significantly. As a result, it became the sixth-biggest loser financial stock for the week, with a 5.9% drop.
SA Bamboo Works contributor discussed Lufax’s (QUALITY) decrease in Q3 revenue when the company become more picky with borrowers.