April 7, 2014 (Chinavestor) The Dow Jones Industrial Average fell hard on Monday, again, after Friday's triple digit loss. The Dow lost over 300 points in the last two trading days and is off over 2%. Chinese stocks suffered even more as investors rotated out of risky foreign listings. The China ADR Index, calculated by Chinavestor, only managed to minimize losses thanks to advances in large cap energy stocks. But internet and technology names plunged.
Baidu Inc. (NASDAQ:BIDU), the most prominent NASDAQ listed Chinese stock, fell $5.84 or 3.91% after Friday's $8.1 decline. BIDU lost $16.96 in three days or 10.5%.
When industry leaders decline, the rest follows. This was the case both on Friday and then on Monday. BIDU's decline was followed closely by Sina Corp. (NASDAQ:SINA), 500.com Ltd. (NYSE:WBAI), and 58.com Inc. (NYSE:WUBA).
Downside was limited for Youku Tudou (NYSE:YOKU) and Sohu.com Inc. (NASDAQ:SOHU) only since both were already extremely oversold after Friday's drop.
Chinese energy, utility, telecom stocks provided safe heaven for investors. CNOOC Ltd. (NYSE:CEO) advanced $1.32, the most among major NYSE listed Chinese names. Huaneng Power Intl. (NYSE:HNP) rose $.91 while China Mobile (NYSE:CHL) added $.33 or 0.72% while the market fell apart.
See big advances and declines among Chinese listings today, April7, 2014, Monday.
See big advances and declines among Chinese listings Friday, April 4, 2014.