Chinese technology stocks trading in US mirror home-market losses

United States-listed Chinese technology stocks mirrored the losses recorded in their home market the day earlier, trading broadly down as of midday on Tuesday.

In early afternoon trade in New York, only two of the 18 stocks, Alibaba Group and SouFun Holdings, registered minor gains. The rest headed south, with search engine Qihoo 360 and vehicle portal Autohome leading the losses. Qihoo declined 3.95 per cent at US$50.78 while Autohome traded at US$29.78, down 4.32 per cent.

Internet portal and online gaming platform NetEase announced a share buyback programme of up to US$500 million outstanding American depository shares to be completed over the next 12 months. Still, the news failed to staunch its share price, which dropped 1.58 per cent to US$109.42.

The BlockRock iShares China Large-Cap ETF inched up by 0.10 per cent to trade at US$36.25, in the wake of Beijing’s fresh bids to pump another 100 billion yuan into China Securities Finance Corp, with funds contributed by 50 brokerages, to buy blue-chips and exchange-traded funds.

The iShares MSCI China Small-Cap ETF, on the other hand, declined 3.8 per cent to US$38.48.