Bloomberg News

Chinese Stocks in the U.S.: Sina, Sinopec, Sohu, Suntech Fall

September 28, 2011

Sept. 28 (Bloomberg) -- The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, declined 2.7 percent to 361.18. The New York Stock Exchange China Index slid 2.5 percent to 218.85. The Shanghai Composite Index retreated 1 percent to 2,392.06.

The following companies were among the most active Chinese shares in New York trading. Stock symbols are in parentheses and prices are as of the close of trading at 4 p.m. New York time.

Oil futures dropped 4.4 percent to $80.70 a barrel on the New York Mercantile Exchange, set for the biggest quarterly loss since 2008.

China Petroleum and Chemical Corp. (SNP US), the country’s biggest refiner known as Sinopec, fell 1.8 percent to $95.84.

Cnooc Ltd. (CEO US), China’s largest offshore energy producer, retreated 0.5 percent, the first decline in four days, to $164.13.

Sohu.com Inc. (SOHU US), the operator of China’s fifth-most visited website, tumbled 11 percent to a one-year low of $53.11. The drop in Sohu’s share price triggered a short-selling restriction by the U.S. Securities and Exchange Commission, which forces traders who want to bet on declines to wait once a stock falls 10 percent from the prior day’s closing level.

Sina Corp. (SINA US), owner of China’s third-most popular website, sank 6.9 percent to $81.10, the lowest in more than three months. Short selling interest in Sina rose to 9.3 percent of its outstanding shares as of yesterday, from 7.6 percent a week earlier, according to Data Explorers, a New York-based research company. The short-sale restriction, also called Rule 201, which was triggered Sept. 26 by declines in the company’s shares, was lifted today.

Suntech Power Holdings (STP US), the world’s largest maker of solar panels, slid 3.1 percent to a record low of $2.53. Germany, the world’s biggest solar-panel market, added 664 megawatts of the devices in June, a 69 percent drop from the same period last year, according to preliminary figures from the German power grid regulator.

--Editors: Glenn Kalinoski, Brendan Walsh

To contact the reporter on this story: Belinda Cao in New York at Lcao4@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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