Why JinkoSolar Stock Is Moving

JinkoSolar Holding Co., Ltd JKS shares are trading lower by 3.1% to $33.39 going into the close of Tuesday's session. Shares of several Chinese stocks are trading lower following Caixin Services PMI data, which showed slower-than-expected August service sector activity growth.

Slower service sector growth can lead to delays in commercial and industrial solar installations. JinkoSolar supplies solar panels and components for such installations.

If businesses postpone or scale back their solar projects due to economic uncertainty, it can directly affect JinkoSolar's revenue and earnings.

According to a Reuters report, the Caixin/S&P Global Services Purchasing Managers' Index (PMI) registered a decline from 54.1 in July to 51.8 in August. This represents the lowest reading since December, a period characterized by COVID-19 restrictions that limited consumer mobility.

It's worth noting that the 50-point threshold serves as the demarcation between expansion and contraction in economic activity.

See Also: China's Bold $40B Chip Investment Challenges Nvidia, Signals Resilience Against US Embargo

What Happened With China Stocks Last Week?

Shares of Chinese stocks otherwise traded higher last week after China cut the minimum down payment on mortgages as part of stimulus measures.

China’s financial regulators made headlines this week with a series of moves targeted at boosting the troubled property market. Notably, have slashed down-payment requirements for both first-time and second-time home buyers and concurrently lowered interest rates on existing mortgages.

The announcement, jointly made by the People's Bank of China and the National Administration of Financial Regulation, stipulated that the minimum down payment would...Read More

According to data from Benzinga Pro, JinkoSolar has a 52-week high of $63.08 and a 52-week low of $30.01.