Asian ADRs Trend Lower; China Central Bank Action Sours Mood

By
A A A

Asian stocks trading in New York suffered alongside their global counterparts on Tuesday but took an added hit when the People's Bank of China drained another 100 billion yuan, around $16.5 billion, from money markets there.

Shanghai and Hong Kong stock markets were shocked, with the Shanghai Composite Index enduring its biggest daily decline in some five months. Sentiment didn't change for those stocks trading in the New York time zone.

The Bank of New York Asian index of American depositary receipts was last 0.5% lower at 143.69.


ChinaCache ( CCIH ), an Internet services company, was the biggest Chinese decliner, losing 8.2% to $21.78. Following was China Finance Online ( JRJC ), a financial services company, which slid 7.3% to $6.52

Japanese-based Internet Initiative Japan Inc. ( IIJI ) fell 1.1% to $9.78 to further weigh on Asian shares in New York.

Home Inns & Hotels Management ( HMIN ), a manager of economy hotels in China, rose 2.1% to $37.41 and Autohome ( ATHM ), which operates web services for Chinese car buyers, rose 3.4% to $35.71, to help offset some losses in the region.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: CCIH , JRJC , IIJI , HMIN , ATHM

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

Most Active by Volume

33,110,376
  • $113.99 ▲ 1.77%
25,034,179
    $17.98 unch
24,486,872
  • $7.41 ▲ 2.07%
20,864,535
  • $7.39 ▼ 2.76%
18,600,501
  • $8.30 ▼ 0.36%
17,530,211
  • $8.14 ▲ 3.17%
17,299,208
  • $93.79 ▲ 2.74%
14,669,760
  • $25.78 ▼ 0.19%
As of 12/26/2014, 04:15 PM


Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com