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BIDU, SINA lead China stocks lower

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decline_9 January 29, 2014 (Chinavestor) The Dow Jones Industrial Average (INDEXDJX:.DJI) lost 189.77 or 1.19% points on Wednesday, setting a stage for a free fall for Chinese stocks. The result: the China ADR Index, calculated by Chinavestor, fell 14.58 points or 1.46% today. NASDAQ listed Chinese stocks took the brunt of the beating. The China NASDAQ Index fell as much as 3.18%. Such a sharp decline is attributed to the following stocks: Baidu Inc. (NASDAQ:BIDU), Sina Corp. (NASDAQ:SINA), 51job Inc. (NASDAQ:JOBS), and Ctrip.com Int. (NASDAQ:CTRP), among others.

When it comes to NYSE listed Chinese stocks, China's oil triumvirate led the decline. CNOOC Ltd. (NYSE:CEO), Petrochina (NYSE:PTR) and Sinopec (NYSE:SNP) fell $3.08, $2.43, and $1.72, respectively. Smaller Youku Tudou (NYSE:YOKU) shed $1.68.

For the record: Baidu Inc. (NASDAQ:BIDU) has been extremely volatile in the last two weeks. This increased volatility is attributed to several factors. One, the stock surged almost 70% last year and thus was trading at rich valuations. Second, Baidu Inc. (NASDAQ:BIDU) is audited by the big four firms that the SEC said is no good. And third, shares of Baidu Inc. (NASDAQ:BIDU) has always been volatile, making it a great trading stock.

To see how Baidu's decline compares to the rest, see following chart. It is obvious that Baidu and Sina Corp. (NASDAQ:SINA) fell the hardest by far. Large cap Petrochina (NYSE:PTR) and CNOOC Ltd. (NYSE:CEO) followed them from a distance.

And finally, take a look at Chinese stocks that advanced today. Guangshen Rail (NYSE:GSH) rose a mere $.22, making it the "best" China play on Wednesday. What a difference between those that advanced and those that fell.

 

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