China’s stocks fell for the first time in three days amid concern over the sustainability of the market’s rebound as the government pares support measures.
The Shanghai Composite Index dropped 0.3 percent to 3,635.55 at the close, erasing a gain of as much as 0.6 percent in the last hour of trading. A gauge of technology companies, this year’s best performer, slumped the most among industry groups, while the small-company ChiNext index tumbled 2.2 percent. Jiangxi Copper Co. led a rally for metal producers. Industrial metals surged as the country’s largest copper and nickel suppliers were said to be planning to meet this week to find ways to cope with a supply glut.
The Shanghai Composite has risen 24 percent from its August low. The market rebound has prompted authorities this month to relax some emergency measures imposed during a mid-year rout including resuming initial public offerings and scrapping a rule requiring brokerages to hold net-long positions. The gauge’s 10-day volatility has fallen to an eight-month low, while the number of new investors jumped to a four-month high last week.
Hongli Clean Energy Technologies Corp (NASDAQ:CETC) operates as a coal and coke producer in the People’s Republic of China. Its products include raw coal, washed coal, medium or mid-coal, coal slurries, coke and coke powder, coal tar, and crude benzol, as well as synthetic gas. Hongli Clean Energy Technologies Corp shares are trading 33.79% above their 52 week low price after the last close and -30.23% below the 52 week high. Its latest closing price was below -5.44% the average-price of 200 days while it kept its distance from the SMA50 at -5.44% and -3.29% compared with the SMA 20.
Shares of The9 Limited (ADR) (NASDAQ:NCTY) were 287.78% off 52 week lows as of the latest close at 3.49 and 14.05% above the 52 week high. Its latest closing price was down 145.67% from the average-price of 200 days while it maintained a distance from the SMA 50 at 148.29% and 90.04% compared with the SMA 20. The9 Limited together with its subsidiaries, operates as an online game developer and operator in the People’s Republic of China.
Ku6 Media Co Ltd (ADR) (NASDAQ:KUTV) operates as an Internet video and new media company in China. It provides a comprehensive selection of unique and differentiated user generated content; and in-house developed content and licensed content on Websites. The stock’s latest price traded at 20.30% off 52 week lows after the closing bell and was -59.40% behind its 52 week high. Its latest closing price was -24.79% below the SMA200 while the distance from the SMA 50 and SMA 20 was 0.35% and 4.84% respectively.
Baozun Inc (ADR) (NASDAQ:BZUN) is trading 137.50% higher than the 52 week low price and -35.68% below the 52 week high. The stock’s latest closing price was 22.06% below from the average-price of 200 days while it kept its distance from the SMA50 at 50.22% and 27.41% compared with the SMA 20. Baozun Inc provides e-commerce solutions for brand partners in the People’s Republic of China.
Phoenix New Media Ltd ADR (NYSE:FENG) provides content on an integrated platform across Internet, mobile, and TV channels in the People’s Republic of China. Phoenix New Media Ltd ADR so far this year has moved down -42.72% and its monthly performance stands at -0.21%.The stock was down 23.00% from its 52 week low and was -51.92% below the 52 week high. Its latest closing price was above -24.20% from the average-price of 200 days while it kept its distance from the SMA50 at 1.76% and -1.10% compared with the SMA 20.