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Thursday, June 30, 2022

U.S.-listed Chinese firms trade lower

NEW YORK, June 13 (Xinhua) — U.S.-listed Chinese companies traded lower on Monday 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 NIO and BeiGene plunged 11.85 percent and 11.64 percent, respectively, leading the losses in the top 10 stocks in the index.

Shares of Alibaba Group Holding and Bilibili dipped 10.31 percent and 10 percent, respectively, also among the worst performers in the top 10 stocks.

U.S. stocks fell sharply on Monday as investors continued to dump risky assets amid surging inflation.

The Dow Jones Industrial Average tumbled 876.05 points, or 2.79 percent, to 30,516.74. The S&P 500 dropped 151.23 points, or 3.88 percent, to 3,749.63. The Nasdaq Composite Index shed 530.79 points, or 4.68 percent, to 10,809.23.

The Cboe Volatility Index, widely considered as the best fear gauge in the stock market, spiked 22.59 percent to 34.02.

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 2,616.79, marking a 6.67-percent gain for the month-to-date returns and a 12.14-percent loss for the year-to-date returns.


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