Early Tuesday, China stocks have been taking a beating as the market seems to be correcting. The Shanghai Composite Index has increased roughly 50% within the past six months and it would appear that after this rapid growth the market is correcting — perhaps as it should. Other sources are reporting that profit-taking fueled this fall in prices after the index broke past the 3,000 mark.
Crude oil prices have pushed lower at $63.49 and are potentially acting as a driver for markets across the world. According to the BBC:
Other Asian shares also traded lower on Tuesday, following losses on Wall Street prompted by slumping oil prices and worries about global growth. In the US the S&P 500 closed down 0.7% — its biggest daily percentage drop since 22 October — weighed down by energy shares.
Bloomberg also outlined and highlighted Tuesday’s drop:
While the Shanghai Composite’s 18 percent rally over the past month, the most among 93 global indexes tracked by Bloomberg, is reviving interest in mainland equities after a four-year rout, it’s also drawing out skeptics who say the gains are amplified by borrowed money and don’t reflect the nation’s economic fundamentals.
24/7 Wall St. has collected data on a few of the big movers within the Chinese market.
iShares China Large-Cap (NYSEMKT: FXI) was down 3% to $40.41 in premarket trading Tuesday. The stock has a 52-week trading range of $32.58 to $42.56.
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Baidu Inc. (NASDAQ: BIDU) was down almost 2% at $223.35. The stock has a 52-week trading range of $140.66 to $251.99.
Alibaba Group Holding Ltd. (NYSE: BABA) was down over 2% at $102.60. The stock has a consensus analyst price target of $120.30 and a 52-week trading range of $82.81 to $120.00.
China Mobile Ltd. (NYSE: CHL) was down about 2% at $59.07. The stock has a consensus analyst price target of $71.98 and a 52-week trading range of $41.35 to $65.55.
China Finance Online Co. Ltd. (NASDAQ: JRJC) was down over 3% at $7.87. The stock has a consensus analyst price target of $8.30 and a 52-week trading range of $2.33 to $11.88.
Looking at the U.S. markets in premarket trading:
- The S&P 500 was down 17.25 points at 2042.25.
- The Dow was down 137 points at 17,714.
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