How Chinese ETFs Reacted to the Market
ThinkstockThe broad markets in the U.S. opened lower Monday morning, not from a weakness in the earnings season or even a huge dip in commodities. In fact it was an issue with the Chinese markets. The (Shanghai) SSE Composite Index…
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The broad markets in the U.S. opened lower Monday morning, not from a weakness in the earnings season or even a huge dip in commodities. In fact it was an issue with the Chinese markets. The (Shanghai) SSE Composite Index dropped nearly 8.5%, the single greatest daily loss in almost a decade. Separately the (Hong Kong) Hang Seng Index was down 3.1%.
24/7 Wall St has chosen a few Chinese stocks and funds to see how the market reacted: iShares China Large-Cap (NYSEMKT: FXI), Direxion Daily FTSE China Bull 3X EFT (NYSEMKT: YINN), Templeton Dragon Fund, Inc. (NYSE: TDF), and iShares MSCI China (NYSEMKT: MCHI).
On Monday morning, shares of FXI were down 4.1% at $40.05 within its 52-week trading range of $36.72 to $52.85. It’s worth noting that shares are down 24.2% from their 52-week high. So far on the year shares are up 0.8% year to date.
YINN was down 12% year to date, and nearly an additional 12% from Friday’s close to $27.63. It has a 52-week trading range of $24.96 to $68.54 with units valued 59.7% lower than the high.
Shares of the Templeton Dragon Fund were down 3% at $22.81 on a 52-week trading range of $21.93 to $28.25. From the 52-week high shares are down 19.3% and so far are down 2% year to date.
MCHI shares were down 4% at $49.46. The stock has a range of $45.59 to $64.58, and shares are down 23.4% from the high. Year to date shares were actually up 2.7% prior to this trading session.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
