New | Chinese internet stocks trade lower in New York at midday
US-listed Chinese internet stocks traded lower at lunch time in New York on Friday, as the overall market fell after the release of a mixed bag of job data.
Out of the 18 Chinese stocks, only Tal Education, an after-school tutoring agency, stood out with a 2 per cent gain. The rest sank with the market. The Nasdaq Composite was down 1.3 per cent at 4,672.73 points.
Online discount retailer Vipshop Holdings led the slide with a 5.4 per cent loss to trade at US$16.82. Vehicle portals Autohome and Bitauto Holdings followed with 4.51 per cent and 4.02 per cent decline respectively.
The US added 173,000 jobs in August, lower than expected. But the unemployment rate fell to a seven-year low at 5.1 per cent. The mixed data adds to the uncertainty over the likelihood for the Federal Reserve to raise interest rates later this month.
The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF dropped 4.82 per cent to US$30.02. The BlackRock iShares China Large-Cap ETF lost 4.27 per cent to US$33.38.
