Bloomberg News

Chinese Stocks in the U.S.: Baidu, Sina Tumble; PetroChina Gains

September 29, 2011

Sept. 29 (Bloomberg) -- The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, declined 0.5 percent to 359.36. The New York Stock Exchange China Index also slid 0.5 percent to 217.78. The Shanghai Composite Index retreated 1.1 percent to 2,365.34.

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.

Chinese Internet stocks fell in New York trading after Securities and Exchange Commission Enforcement Director Robert Khuzami said the Department of Justice is reviewing allegations of accounting fraud at firms operating out of the Asian nation. The declines in at least four companies triggered a short sale restriction by the SEC that forces traders who want to bet on a further drop to wait after the stocks fell 10 percent from the prior day’s closing level.

Baidu Inc. (BIDU US), China’s biggest Internet company by market value, plunged 9.2 percent to $110.29, the lowest since Jan. 31.

Sina Corp. (SINA US), owner of China’s third-most popular website, sank 9.7 percent to $73.23, the lowest since Jan. 3.

Sohu.com Inc. (SOHU US), the operator of China’s fifth-most visited website, fell 4.7 percent to a one-year low of $50.62.

Youku.com Inc. (YOKU US), China’s biggest online-video site, tumbled 18 percent to $16.24, the most since December.

Oil futures gained on the New York Mercantile Exchange after the U.S. reported that the economy grew faster than previously estimated in the second quarter.

Cnooc Ltd. (CEO US), China’s largest offshore energy producer, advanced 2.9 percent to an eight-day high of $168.92.

PetroChina Co. (PTR US) the nation’s biggest oil producer, climbed 1.1 percent to $122.99, the highest since Sept. 16.

China Petroleum and Chemical Corp. (SNP US), the country’s biggest refiner known as Sinopec, gained 2 percent to $97.74.

--Editors: Marie-France Han, 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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