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China's ADR decline in US trade on interest rate concerns

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US stocks retreated after a six-week rally, as the increased probability of an interest rate increase rippled through global markets. Photo: AFP

Most American Depository Receipts of Chinese firms dropped on Monday and US stocks retreated after a six-week rally, as the increased probability of an interest rate increase rippled through global markets, sending bonds down with emerging market assets.

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Soufun Holdings, China’s real estate internet portal, fell 4.1 per cent to US$7.05 in mid-morning trade in New York, after gaining 6.8 per cent last week.

E-commerce giant Alibaba lost 2.7 per cent to US$81.40, in its third consecutive day of falls.

But three US-listed Chinese stocks bucked the trend, including China’s largest online classified advertisement site 58.com and China’s version of YouTube, Youku Tudou.

Qunar Cayman Islands rose 2.8 per cent to US$41.97, after rising 9.18 per cent on Friday.

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The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF went up 0.3 per cent to US$38.12 in the morning. The iShares China Large-Cap ETF tracking Hong Kong shares fell 1.4 per cent to US$38.40.

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