Chinese firms tumble in early trade in the US
The American Depository Receipts of most Chinese firms tumbled in early trade on Wednesday, after the biggest fall in a month in the Shanghai Composite Index on speculation a recent rally was overdone and amid fresh signs of a slowdown in the global economy.
E-commerce giant Alibaba Group Holdings lost 2.9 per cent to US$69.68 in late morning trade after closing down 1.18 per cent in the previous trading session.
The other big losers include YY and Jumei International Holding, which fell 3 per cent and 2.9 per cent respectively.
New Oriental Education & Technology Groupwas the only major gainer, with the stock rising 5.7 per cent to US$26.40, the highest closing so far this year, after six consecutive days’ of rise.
The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF fell 4.2 per cent to US$34.75. The iShares China Large-Cap ETF tracking Hong Kong shares dropped 0.9 per cent to US$39.09.