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Live Updates: Chinese Stocks (MCHI, FXI, KWEB) Are Crashing on Tuesday
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Live Updates
Chinese Stocks Just Had 3rd Best Returns Stretch Ever
The iShares China Large-Cap ETF (NYSE: FXI) may be down 9% today, but the last 13 trading days have been a different story.
Across the past 13 days, the ETF was up 40%. That’s the third-best 13-day gain for the index in its history. In the fall of 2008, the index racked up a 48% and 42% gain during massive market volatility.
Chinese stocks are seeing red on Tuesday. Hong Kong’s Hang Seng Index (INDEX: HSI) plunged 9.41% in trading. That’s a stark comparison to the Shanghai SE Composite Index (INDEX: SSEC) which rose 4.59%.
However, Chinese ETFs are taking it on the chin in trading today. Here’s the performance of some of the most popular Chinese ETFs:
- iShares MSCI China ETF (Nasdaq: MCHI): Down 10.74% as of 10:45 a.m. ET
- iShares China Large-Cap ETF (NYSE: FXI): Down 8.84%
- KraneShares CSI China Internet ETF (NYSE: KWEB): Down 9.08%
On the other end of the spectrum, ETFs that are short Chinese equities are seeing outstanding returns. The Direxion Daily FTSE China Bear 3X Shares (NYSE: YANG) is up a remarkable 34.31% today.
Why are Chinese stocks plummeting today? China’s stock rallied on the promise of a powerful fiscal stimulus from the Chinese leadership. Chinese authorities had cut interest rates and announced a series of measures to support the economy.
However, specifics of what actions Chinese leadership intended to take have been very thin. On Tuesday, a press conference in Beijing announced few specifics around economic stimulus programs, which led to investors pulling out of stocks across the country.
Chinese Stocks Seeing the Biggest Losses
Losses across Chinese stocks are broad. Here are some of the biggest losers today:
- Tencent Holdings (OTC: TCEHY): Down 7.68%
- Alibaba (NYSE: BABA): Down 6.53%
- Meituan (OTC: MPNGY): Down 15.54%
- PDD Holdings (Nasdaq: PDD): Down 5.34%
- China Construction Bank (OTC: CICHY): Down 6.40%
- Xiaomi (OTC: XIACY): Down 9.03%
- BYD (OTC: BYDDY): DOWN 9.85%
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