Shopee unit in India to shut down operations, $SE stock drops in premarket as India is one of the world's largest e-commerce opportunities. SeaLimited faces Indian hostility to Chinese companies despite being a Singapore-based company by claymarkets
SE stock drops in premarket as India is one of the world's largest e-commerce opportunities.Sea Limited , a major global e-commerce player, has decided to immediately shut down its Indian Shopee unit, which it only launched back in October of last year. The unit had already amassed 12 million users in its short six-month stint. SE stock dropped 5% in the premarket on Monday but has lost just 2.3% in the proper session and now trades at $113.
Sea Limited stock seems to have found support near the 20-day moving average, so the news cycle may not be enough to hijack or offset the current optimism Long-term support sits at $85. SE stock may head back there or it might find support at $101, a price level with a history dating back several years. If the 9-day moving average rises above the 200-day moving average , then SE stock is back in bull mode. From there it will face strong resistance at both $150 and $174. For now, SE shareholders will just be happy if the news out of India does little to affect the share price.
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