BUSINESS US-listed Chinese firms trade mostly lower

BUSINESS

US-listed Chinese firms trade mostly lower

Xinhua

07:18, October 16, 2020

NEW YORK, Oct. 15 (Xinhua) -- U.S.-listed Chinese companies traded mostly lower on Thursday, with eight of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

Shares of Baidu and NetEase slid 4.43 percent and 1.38 percent, respectively, leading the laggards in the top 10 stocks in the index.

Shares of NIO and Pinduoduo rose 5.92 percent and 0.16 percent, respectively, the only two gainers in the top 10 stocks.

Wall Street's major averages finished lower on Thursday as investors grew concerned over the uncertain fate of a U.S. coronavirus stimulus deal.

The Dow Jones Industrial Average fell 19.80 points, or 0.07 percent, to 28,494.20. The S&P 500 declined 5.33 points, or 0.15 percent, to 3,483.34. The Nasdaq Composite Index decreased 54.86 points, or 0.47 percent, to 11,713.87.

The Cboe Volatility Index, widely considered as the best fear gauge in the stock market, climbed 2.16 percent to 26.97.

As of Wednesday, the S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 4,486.36, marking a 4.6-percent increase for the month-to-date returns and a 41.65-percent gain for the year-to-date returns. 

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