Sat, 08 Aug 2020

U.S.-listed Chinese firms trade mostly lower

08 Jul 2020, 06:59 GMT+10

NEW YORK, July 7 (Xinhua) -- U.S.-listed Chinese companies traded mostly lower on Tuesday, with six of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

Shares of TAL Education Group and New Oriental Education & Technology Group slid 4.45 percent and 4.31 percent, respectively, leading the laggards in the top 10 stocks in the index.

Shares of Pinduoduo and ZTO Express rose 4.6 percent and 3.22 percent, respectively, leading the gainers in the top 10 stocks.

Wall Street's major averages dropped on Tuesday as market sentiment was dampened by a resurgence in coronavirus infections across the United States.

The Dow Jones Industrial Average shed 396.85 points, or 1.51 percent, to 25,890.18. The S&P 500 fell 34.40 points, or 1.08 percent, to 3,145.32. The Nasdaq Composite Index was down 89.76 points, or 0.86 percent, to 10,343.89.

The Cboe Volatility Index, widely considered as the best fear gauge in the stock market, soared 5.33 percent to 29.43.

As of Monday, the S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 4,223.85, marking a 6.48-percent increase for the month-to-date returns and a 33.36-percent gain for the year-to-date returns.

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