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.
Source: Thinkstock
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.
ALSO READ: The Best and Worst Run States in America: A Survey of All 50
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.
ALSO READ: The Best Investments of 2014
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
