This afternoon, all of the major stock indexes are declining lower. The one leading global stock index that has been extremely weak despite the recent stock market rally in the United States and Europe is the Shanghai Index (China). The Shanghai Index has been making fresh new lows on the back of a Chinese slowdown. Baidu Inc (NASDAQ:BIDU) is considered to be the leading Chinese ADR in the market place. Today, BIDU stock is declining lower by over 5.50 percent to $123.53 a share. This stock has dropped lower by more than $11.00 in the past three trading days. The stock does not have solid daily chart support until the $112.00 level, therefore, BIDU stock still has room to decline further.
Leading Chinese ADR's such as NetEase Inc (ADR) (NASDAQ:NTES), SINA Corp (NASDAQ:SINA), and Sohu.com Inc (NASDAQ:SOHU) are all trading in negative territory today. If the Shanghai Index continues to come under pressure all of these stocks are susceptible to further daily chart declines. All of these Chinese ADR's have held up well as the U.S. markets rallied over the past month. If the U.S. markets start to falter here these stocks could be in trouble in the short term.
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Chinese ADR's Have Room To Move Lower
Published 08/22/2012, 12:55 AM
Updated 07/09/2023, 06:31 AM
Chinese ADR's Have Room To Move Lower
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