U.S.-listed Chinese firms trade mostly lower


  • World
  • Saturday, 24 Sep 2022

NEW YORK, Sept. 23 (Xinhua) -- U.S.-listed Chinese companies traded mostly lower on Friday 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 Pinduoduo and NIO shed 5.37 percent and 3.87 percent, respectively, leading the laggards in the top 10 stocks.

Shares of Li Auto and Trip.com Group rose 3.18 percent and 1.52 percent, respectively, the only two advancers in the index.

U.S. stocks dropped on Friday as heavy selling continued on Wall Street amid recession fears.

The Dow Jones Industrial Average decreased 486.27 points, or 1.62 percent, to 29,590.41. The S&P 500 sank 64.76 points, or 1.72 percent, to 3,693.23. The Nasdaq Composite Index slid 198.88 points, or 1.80 percent, to 10,867.93.

The Cboe Volatility Index, widely considered as the best fear gauge in the stock market, spiked 9.4 percent to 29.92.

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 2,468.58, marking a 10.51-percent decrease for the month-to-date returns and a 17.12-percent loss for the year-to-date returns.

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