U.S.-listed Chinese firms trade lower

  • World
  • Wednesday, 09 Sep 2020

NEW YORK, Sept. 8 (Xinhua) -- U.S.-listed Chinese companies traded roughly lower on Tuesday, with all 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 NetEase and JD.com slid 5.67 percent and 4.72 percent, respectively, leading the losses in the top 10 stocks in the index.

Shares of ZTO Express and Alibaba Group Holding dipped 4.6 percent and 4.04 percent, respectively, also among the worst performers.

U.S. stocks plunged on Tuesday as investors continued to rotate out of the tech sector.

The Dow Jones Industrial Average dropped 632.42 points, or 2.25 percent, to end at 27,500.89. The S&P 500 sank 95.12 points, or 2.78 percent, to 3,331.84. The Nasdaq Composite Index shed 465.44 points, or 4.11 percent, to 10,847.69.

The Cboe Volatility Index, widely considered as the best fear gauge in the stock market, rose 2.31 percent to 31.46.

U.S. financial markets were closed on Monday in observance of Labor Day.

As of Friday, 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 4,334.6, marking a 1.58-percent loss for the month-to-date returns and a 36.86-percent gain for the year-to-date returns.

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