Even stocks for mainland firms not listed in China are feeling the hurt from the ongoing rout, with Alibaba Group Holding (BABA.NYSE) falling 0.8% and JD.com (JD.NASDAQ) down 4% as markets closed in New York, Bloomberg reported. “Investors are fleeing anything associated with China,” said Brendan Ahern, chief investment officer at Krane Fund Advisors LLC. “They don’t want to have anything related to China in their portfolio. Investors are reading the risks around China, and there is a spillover effect in the US-listed stocks.” The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF, the largest exchange-traded fund tracking mainland shares in the US, plummeted 7.6% to US$38.21.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved