Chinese ADRs indulge in a sizeable plunge along the DJIA. TOMO - an ex-ticker for Tom Online is the only green on the screen. All Chinese ADRs are on the retreat as global money flows are exiting Asia and other foreign markets to find safety in U.S. T-bills and related safe havens.
Large cap blue chips are hit the hardest by noon. For detailed break-down of top ten losers of the day see table below.
|
Top 10 - Bottom 10 - China ADR |
29-Sep-08 |
12:25pm |
|
Name |
Symbol |
Price |
Change |
Change% |
|
|
|
|
|
|
|
TOMOTHERAPY INC |
TOMO |
$4.88 |
$0.01 |
0.21% |
|
COGO GROUP |
COGO |
$5.14 |
$0.00 |
0.00% |
|
I-CABLE COMM LTD |
ICAB |
$25.55 |
$0.00 |
0.00% |
|
NINETOWNS INTER A |
NINE |
$1.85 |
$0.00 |
0.00% |
|
KONGZHONG CORP |
KONG |
$3.87 |
-$0.01 |
-0.26% |
|
|
|
|
|
|
|
CHINA TECHFAITH W |
CNTF |
$1.05 |
-$0.05 |
-4.55% |
|
LINKTONE LTD. |
LTON |
$1.41 |
-$0.06 |
-4.08% |
|
SEMICONDUCTOR MFG |
SMI |
$1.43 |
-$0.07 |
-4.67% |
|
CDC CORPORATION C |
CHINA |
$2.05 |
-$0.09 |
-4.21% |
|
CHINA GRENTECH AD |
GRRF |
$2.36 |
-$0.09 |
-3.67% |
|
|
|
|
|
|
|
CHINA MOBILE LIMI |
CHL |
$46.73 |
-$3.80 |
-7.52% |
|
CHINA LIFE INS CO |
LFC |
$53.45 |
-$3.80 |
-6.64% |
|
CHINA TELECOM CP |
CHA |
$38.66 |
-$4.18 |
-9.76% |
|
SUNTECH POWER HLD |
STP |
$33.88 |
-$4.60 |
-11.95% |
|
LDK SOLAR CO ADR |
LDK |
$30.07 |
-$5.87 |
-16.33% |
|
|
|
|
|
|
|
SOHU.COM INC |
SOHU |
$52.92 |
-$6.12 |
-10.37% |
|
CHINA PETRO & CHE |
SNP |
$75.41 |
-$10.02 |
-11.73% |
|
PETROCHINA CO ADS |
PTR |
$100.30 |
-$11.19 |
-10.04% |
|
CNOOC LTD ADS |
CEO |
$111.24 |
-$14.07 |
-11.23% |
|
BAIDU.COM |
BIDU |
$235.23 |
-$25.52 |
-9.79% |
Here is a quick snapshot if China ADR trading right at the open. Outlook is dim: the $700 billion bail out plan becomes unpopular lowering chances that it will pass the House today. One of the problem is the President himself: his deeply unpopular presidency makes any if his moves discredited. So when he makes a call - actually one that makes a lot of sense to me - politicians break party lines and go against common sense.
As chances for the rescue plan diminish, stocks world wide head south. Hong Kong's Hang Seng just dipped another 3.4% to close at 2 year lows. The DJIA is down -240 points as I write these lines with chances of Wachovia to fall, too. WaMu last Friday now Wachovia. Wonder how long Citigroup can take these bad assets on...
Large cap Chinese ADRs are hit the hardest. Baidu.com (BIDU) is down $10.51, followed closely by China's oil triumvirate: CNOOC Ltd (CEO), Petrochina (PTR) and Sinopec (SNP). china Life Insurance co. (LFC) and Huaneng Power (HNP) are just as much hurt. Seems as if industry leaders lead the fall - bad indication for the rest of the stock universe.
We'll keep you posted about new developments throughout the day.
|
Top 10 - Bottom 10 - China ADR |
29-Sep-08 |
9:30am |
|
Name |
Symbol |
Price |
Change |
Change% |
|
|
|
|
|
|
|
TOMOTHERAPY INC |
TOMO |
$4.97 |
$0.10 |
2.05% |
|
CHINA TECHFAITH W |
CNTF |
$1.18 |
$0.08 |
7.27% |
|
KONGZHONG CORP |
KONG |
$3.92 |
$0.04 |
1.03% |
|
UTSTARCOM INC |
UTSI |
$3.33 |
$0.04 |
1.22% |
|
AMERICAN ORIENTL |
AOB |
$7.12 |
$0.03 |
0.42% |
|
|
|
|
|
|
|
E-HOUSE HOLDINGS |
EJ |
$7.91 |
$0.00 |
0.00% |
|
CHINA EASTERN AIR |
CEA |
$17.64 |
$0.00 |
0.00% |
|
CHINA TELECOM CP |
CHA |
$42.84 |
$0.00 |
0.00% |
|
GUANGSHEN RAIL CO |
GSH |
$24.50 |
$0.00 |
0.00% |
|
CHINA DIG TV HDG |
STV |
$8.54 |
$0.00 |
0.00% |
|
|
|
|
|
|
|
HSBC HLDGS PLC AD |
HBC |
$79.45 |
-$2.05 |
-2.52% |
|
HUANENG POWER INT |
HNP |
$26.62 |
-$2.31 |
-7.98% |
|
CHINA LIFE INS CO |
LFC |
$54.84 |
-$2.41 |
-4.21% |
|
SOHU.COM INC |
SOHU |
$56.60 |
-$2.44 |
-4.13% |
|
LDK SOLAR CO ADR |
LDK |
$33.50 |
-$2.44 |
-6.79% |
|
|
|
|
|
|
|
CHINA NETCOM GRP |
CN |
$41.44 |
-$3.22 |
-7.21% |
|
PETROCHINA CO ADS |
PTR |
$104.07 |
-$7.42 |
-6.66% |
|
CHINA PETRO & CHE |
SNP |
$76.01 |
-$9.42 |
-11.03% |
|
CNOOC LTD ADS |
CEO |
$115.03 |
-$10.28 |
-8.20% |
|
BAIDU.COM |
BIDU |
$250.24 |
-$10.51 |
-4.03% |