BUSINESS US-listed Chinese firms trade mostly lower

BUSINESS

US-listed Chinese firms trade mostly lower

Xinhua

07:22, January 05, 2021

NEW YORK, Jan. 4 (Xinhua) -- U.S.-listed Chinese companies traded mostly lower on Monday with seven 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 New Oriental Education & Technology Group and Pinduoduo slid 6.36 percent and 6.13 percent, respectively, leading the laggards in the top 10 stocks in the index.

Shares of NIO and NetEase advanced 9.75 percent and 1.01 percent, respectively, leading the gainers in the top 10 stocks.

U.S. stocks finished noticeably lower on Monday, the first trading session of 2021, amid lingering coronavirus concerns.

The Dow Jones Industrial Average dropped 382.59 points, or 1.25 percent, to 30,223.89. The S&P 500 fell 55.42 points, or 1.48 percent, to 3,700.65. The Nasdaq Composite Index fell 189.84 points, or 1.47 percent, to 12,698.45.

The Cboe Volatility Index, widely considered as the best fear gauge in the stock market, spiked 18.55 percent to 26.97.

As of Thursday, 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 5,224.62, marking a 64.96-percent gain for the year 2020.

The markets were closed on Friday due to the New Year holiday.

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