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Why International Stocks Are Sinking Today

By Rich Smith - Mar 18, 2020 at 2:40PM

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Yandex, Weibo, and Telkom Indonesia are all down more than 10%.

What happened

Yandex (YNDX -6.79%). Weibo (WB -2.35%). Telkom Indonesia (TLK 0.00%).

What do Russia's biggest search engine, China's version of Twitter, and Indonesia's giant phone company have in common? And one other thing: All three of these international tech stocks are down more than 10% in Wednesday trading.

As of 1:25 p.m. EDT, Yandex is down 11%, Weibo 12%, and Telkom Indonesia 11.8%.

3 arrows trending down over a background of a map and dollar signs

Image source: Getty Images.

So what

Why are they down? I blame coronavirus.

The novel coronavirus is a global pandemic and a global problem right now. According to the World Health Organization, there are now more than 193,000 confirmed cases of COVID-19 worldwide, and the disease has touched 164 of the globe's 195 countries. That's obviously going to have an effect on international stocks.  

Now what

The good news is that (despite all appearances to the contrary) this will not go on forever. Yesterday, China reported only one new case of coronavirus detected within its borders.

While there's margin for error in that assessment, it does appear that the country where the virus originated is apparently approaching the point at which the virus has run its course.

There's an end to this tunnel, folks. It may not be in sight just yet. It may not even be an indeterminate glow in the distance. But China's example provides a clear hope that it's out there, nonetheless.

Call me a crazy optimist, but I'm with Warren Buffett on this one. The time to buy stocks is now, before we even see the end of the tunnel.

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Stocks Mentioned

Yandex N.V. Stock Quote
Yandex N.V.
$18.94 (-6.79%) $-1.38
PT Telekomunikasi Indonesia Tbk Stock Quote
PT Telekomunikasi Indonesia Tbk
$27.59 (0.00%) $0.00
Weibo Corporation Stock Quote
Weibo Corporation
$23.26 (-2.35%) $0.56

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

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