Thu, 26 Nov 2020

U.S.-listed Chinese firms trade lower

Xinhua
29 Oct 2020, 08:30 GMT+10

NEW YORK, Oct. 28 (Xinhua) -- U.S.-listed Chinese companies traded lower on Wednesday, with all 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 JD.com and NIO slid 3.53 percent and 3.27 percent, respectively, leading the losses in the top 10 stocks in the index.

Shares of Yum China Holdings and Baidu decreased 3.26 percent and 3.11 percent, respectively, also among the worst performers in the top 10 stocks.

U.S. equities closed sharply lower on Wednesday as investors grew concerned over soaring COVID-19 infections and possible economic consequences.

The Dow Jones Industrial Average plunged 943.24 points, or 3.43 percent, to 26,519.95. The S&P 500 decreased 119.65 points, or 3.53 percent, to 3,271.03. The Nasdaq Composite Index shed 426.48 points, or 3.73 percent, to 11,004.87.

The Cboe Volatility Index, widely considered as the best fear gauge in the stock market, spiked 20.78 percent to 40.28.

As of Tuesday, 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 4,483.56, marking a 4.53-percent increase for the month-to-date returns and a 41.56-percent gain for the year-to-date returns.

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