Internet firm Qihoo 360 in the lead as US-listed Chinese companies' ADRs mostly gain
Share prices of most US-listed Chinese firms rose on Thursday morning, despite a fall on Wall Street driven by the materials and energy sectors on lower commodities prices and the possibility of an interest rate rise next month.
Autohome, an online destination for car users in China, was the biggest gainer, up 4.84 per cent to US$33.60 as mid-morning, after closing up 2.07 per cent on Wednesday.
The American Depositary Receipts of internet firm Qihoo 360 Technology rose 4.47 per cent to US$63.16, the highest since August 14.
The country’s online classified advertisement platform 58.com and top online real estate website operator Soufun Holdings increased 3.5 per cent and 2.8 per cent respectively.
However, Vipshop Holdings, an online discount retailer for brands in China, bucked the rising trend, falling 1.73 per cent to US$18.75. It has lost 12 per cent in the past four days.
Wall Street experienced a broad-based sell-off in the morning, with all 10 major S&P sectors in the red, and only five of the 30 Dow components were higher.
The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF fell 1.4 per cent to US$37.76 as of mid-afternoon. The iShares China Large-Cap ETF tracking Hong Kong shares rose 0.96 per cent to US$38.29.