Tough session for Chinese internet stocks

PUBLISHED : Wednesday, 14 October, 2015, 11:49pm
UPDATED : Wednesday, 14 October, 2015, 11:49pm

Alibaba Group Holding, China’s biggest online retailer, saw its American depositary receipts fall 2.61 per cent to US$67.86 in early trading in New York on Wednesday while online real estate agency SouFun fell 3.5 per cent to US$6.89 in a tough session for Chinese internet-related stocks.

Sina Corp dropped 0.73 per cent to US$43.52 and NetEase fell 1.03 per cent to US$130.97.

The broader Deutsche X-Trackers Harvest CSI300 China A shares ETF traded 1.44 per cent lower at US$34.19, underperforming China's CSI 300 Index, which fell 1.13 per cent on Wednesday.  

The US dollar extended its recent bout of weakness against major currencies, sliding 0.52 per cent to US$1.144 against the euro and 1.26 per cent to US$1.544 against the British pound.