US STOCKS-Chinese ADRs fall sharply on the day
22/09/2014 16:07
* Indexes off: Dow 0.4 pct, S&P 0.7 pct, Nasdaq 1.2 pct
By Ryan Vlastelica
NEW YORK, Sept 22 (Reuters) - Chinese companies traded in
the United States were lower on Monday, dropping heavily after
China's finance minister indicated that the country would not
increase its stimulus measures.
Recent data in China has been weak, leading many analyst to
lower their growth forecasts and hope for more aggressive
accommodations from the government. In remarks on Sunday,
Finance Minister Lou Jiwei said China wouldn't dramatically
alter its economic policy because of any one economic indicator.
ID:nL3N0RM06E
The Bank of New York Mellon's index of Chinese American
Depositary Receipts .BKCN fell 2 percent, extending its
month-to-date decline to 4.7 percent.
Losses were especially pronounced in such cyclical sectors
as financials and materials. Aluminum China ACH.N was down 2.3
percent to $10.40 while China Finance Online JRJC.O was off
3.8 percent at $7.28. PetroChina PTR.N was down 1.7 percent at
$132.19.
Index snapshot at 10:59 EDT:
* S&P 500 .SPX was falling 14.27 points, or 0.71 percent.
* Nasdaq Comp .IXIC was losing 53.16 points, or 1.16
percent.
* Dow industrials .DJI was dropping 60.59 points, or 0.35
percent.
* Russell 2000 .TOY was falling 16.66 points, or 1.45
percent.
* S&P MidCap .IDX was dropping 16.29 points, or 1.15
percent.
* S&P SmallCap .SPCY was losing 7.85 points, or 1.19
percent.
(Editing by Nick Zieminski)
((ryan.vlastelica@thomsonreuters.com; Tel: +1 646-223-6014;
Reuters Messaging:
ryan.vlastelica@thomsonreuters.com@reuters.net @RV_Reuters))
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