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New Year Came Bearish in China

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bear_1 February 4, 2014 (Chinavestor) The 326 points drop of the Dow Jones Industrial Average (INDEXDJX:.DJI) on Monday set a somber mood for the rest of the world. Asian stocks got hit particularly hard Tuesday morning. The Shanghai Composite Index (SHA:000001) declined 16.83 points while the Hang Seng Index (INDEXHANGSENG:.HSI) fell 637.65 points or 2.89%. The Nikkei 225 suffered the heaviest blow of all, declining 610.66 points or 4.18% in a single day! Damage was not limited to Asia though. All major world indexes fell except for the CAC40 in Paris and the Sensex in India. Even these markets just managed to eke out minuscule gains while the rest suffered.

 

World Markets February 4, 2014 at 8:30 A.M. EST

mkts_20140204

The decline was universal in Asia as well as in the United States.Each and every component of the 30 member Dow Jones Industrial Average (INDEXDJX:.DJI) fell except for Pfizer (NYSE:PFE). When it came to US listed Chinese stocks, the picture was just as bleak. Baidu Inc. (NASDAQ:BIDU), Sohu.vcom Inc. (NASDAQ:SOHU),  SouFun Hold. (NYSE:SFUN), NetEase Inc. (NASDAQ:NTES) and Ctrip.com Inc. (NASDAQ:CTRP) led the decline.

The decline was universal in Hong Kong, too. All but two components of the 50 member Hang Seng Index (INDEXHANGSENG:.HSI) managed to eke out gains. But Shanghai Petrochemical (HKG:0338) fell 6.4%, the most among components of the Hang Seng. CNOOC Ltd. (HKG:0883) fell 5.4% while China Eastern Airlines (HKG:0670) fell 4.6%. All these three companies have NYSE listed ADRs to worry about. The ticker symbol for them are SHI, CEO and CEA, respectively.

See following chart for details.

 

pre_20140204



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