China's ADR decline in US trade on interest rate concerns
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.
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.
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.
The Standard & Poor’s 500 Index fell the most in a month, led by consumer discretionary and energy producers.