Chinese stocks rise after retail sales data
Some US-listed Chinese stocks rebounded on Wednesday after China published better-than-expected retail sales figures, although deflationary pressure remains in the world’s second-largest economy.
However, the American depositary receipts of e-commerce giant Alibaba Group Holding fell from pre-market trading gains to stand 2.92 per cent lower at US$79.05 in late morning activity. This was despite reports of record high online sales for its Singles’ Day shopping festival. The stock has lost 5.5 per cent so far this week.
Vipshop Holdings, an online discount retailer for brands in China, tumbled 4 per cent to US$18.74, and was on track for its third consecutive day of loss.
Online classified advertisement platform 58.com dropped 2.38 per cent to US$52.67.
Meanwhile, US stocks slipped, led by retailers after Macy’s reported weak results and cut its outlook.
The S&P 500 Index, which snapped a four-day losing streak on Tuesday, saw a 0.18 per cent fall in the morning.
Among the gainers, Autohome, a Chinese car information website, rose 1.15 per cent to US$31.76.
Real estate website operator Soufun Holdings edged up 0.15 per cent to US$6.65, steadying after two days of losses.
The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF rose 0.7 per cent to US$38.43 while the iShares China Large-Cap ETF tracking Hong Kong shares inched up 0.1 per cent to US$37.96.