This morning, many of the leading Chinese ADR's are struggling to catch a bid despite the strong stock market rally. This week, the important and highly followed Shanghai Index (China) is closed for the next three days as China celebrates its National Day holiday. Recently, the Shanghai Index has been trading at new three year lows on signs of an economic slowdown in the world's second largest economy.
Many traders and investors are now expecting the Chinese central bank called the People's Bank of China to begin another round of stock market stimulus to help inflate their stock market like Europe and the United States. Until the Chinese central bank makes this move their stock market is vulnerable to further declines in the near-term.
Today, leading Chinese ADR Baidu Inc (NASDAQ:BIDU) is declining lower by $3.75 to $113.14 a share. Short-term traders can watch for intra-day support $112.00 and $110.65 levels. The daily chart of BIDU has important support around the $100.00 level should the stock continue to fall.
Some other leading Chinese ADR's that are not participating in today's stock market rally include SINA Corp (NASDAQ:SINA), Sohu.com Inc (NASDAQ:SOHU), and Netease Inc (NASDAQ:NTES). As long as the Shanghai stock market remains weak all of these leading Chinese ADR's could be susceptible to further declines in the near-term.
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Chinese ADR's Struggle Despite Market Rally
Published 10/01/2012, 01:09 AM
Updated 07/09/2023, 06:31 AM
Chinese ADR's Struggle Despite Market Rally
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