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BIDU lead tech sell-off on Wednesday

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sink_2 April 23, 2014 (Chinavestor) A broad sell-off hit Chinese technology stocks on Wednesday. The China ADR Index fell 1.12%, almost twice as much as the broader NASDAQ composite. Internet darling Baidu Inc. (NASDAQ:BIDU) led the decline, followed closely by Sina Corp. (NASDAQ:SINA), 500.com (NYSE:WBAI) and Sohu.com Inc. (NASDAQ:SOHU).

Sector rotation helped safer energy stocks. Petrochina Co. Ltd. (NYSE:PTR) manged to eke out some gains just like HSBC Plc. (NYSE:HSBC) did.

mover_20140423

Industry heavy weight Baidu Inc. (NASDAQ:BIDU) fell $3.67, the most among major NASDAQ and NYSE listed Chinese stocks on Wednesday. Sina Corp. (NASDAQ:SINA), the 4th most visited Chinese web portal, fell $2.58 on the same time. 500.com (NYSE:WBAI) and Sohu.com Inc. (NASDAQ:SOHU) declined $2.39 and $21.13, respectively. Ctrip.com Intl. (NASDAQ:CTRP) fell more than $2 as well.

While Petrochina Co. Ltd. (NYSE:PTR) managed to stay in the black, China's offshore oil producer, CNOOC Ltd. (NYSE:CEO) fell.

See chart above for details. Size of bubble represent market capitalization.



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