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Chinese internet stock free fall

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decline_7 March 24, 2014 (Chinavestor) US listed Chinese stocks reacted to negative market sentiment as expected. Safer energy and telecom stocks advanced while internet stocks plunged. Petrochina Co. Ltd. (NYSE:PTR) advanced as much as $3.32 while Sinopec (NYSE:SNP), China's largest oil refiner, rose $2.32. CNOOC Ltd. (NYSE:CEO), China's oil specialist, followed closely. China Mobile (NYSE:CHL) and China Telecom (NYSE:CHA) rose more than $1 on Monday even though the broad market fell.

SouFun Holdings (NYSE:SFUN) led the decline followed by internet stocks like Sohu.com Inc. (NASDAQ:SOHU), Sina Corp. (NASDAQ:SINA) and Ctrip.com Inc. (NASDAQ:CTRP). Bidu Inc. (NASDAQ:BIDU), the largest Chinese internet stock listed on the NASDAQ, followed suit. Chinese solar stocks fell victim to the sell-off. Trina Solar (NYSE:TSL) fell $1.38 or 8.85% with huge underlying volume. Yingli Green Energy (NYSE:YGE), an oversold stock before the market open, fell lower.

The following chart describes how much US listed Chinese stocks fell or advanced on Monday. Size of the bubble indicates market capitalization.

 

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